There Are Two Basic Philosophies Regarding How to Apply Constitutional

question 41

Multiple Choice

There are two basic philosophies regarding how to apply constitutional principles:

• A)the interpretationists and activists.
• B)the activists and federalists.
• C)the federalists and strict constructionists.
• D)the strict constructionists and the interpretationists.

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Definitions:

Inventory Costing Methods

Techniques used to determine the cost of inventory sold and remaining in stock, including FIFO, LIFO, and average cost methods.

Periodic Inventory System

An inventory accounting system where updates to the inventory accounts are made periodically, typically at the end of an accounting period, rather than continuously.

Physical Inventory

A detailed listing of merchandise on hand.

Perpetual Inventory System

An accounting method that records the sale or purchase of inventory immediately through the use of computerized point-of-sale systems and enterprise asset management software.