Which of the Following Is NOT   a Reason Silk

question 15

Multiple Choice

Which of the following is NOT   a reason silk production in China was important?

• A)its use as payment for taxes
• B)as a material useful for writing and painting
• C)as payment of bribes
• D)as payment for public health and education
• E)as currency for purchasing war horses

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Definitions:

LIFO

A rephrased definition: An accounting approach to inventory and cost of goods sold valuation that assumes the most recently acquired items are the first to be sold.

Ending Inventory

The value of goods available for sale or use at the end of an accounting period.

Net Realizable Value

The projected sales price of products subtracted by the cost associated with their sale or disposal.

Merchandise

Goods that are bought and sold by businesses; also refers to the commodities or products available for sale in retail or wholesale.