When Adding or Subtracting Fractions, What Must the Denominator Be

question 24

Multiple Choice

When adding or subtracting fractions, what must the denominator be converted to first?

• A) Highest common denominator
• B) Lowest common denominator
• C) None of the above
• D) Either A or B

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Definitions:

Average Cost Methods

A cost-flow assumption for inventory valuation, where the cost of goods sold and ending inventory are calculated based on the average cost of all units available for sale.

Gross Profit

The difference between sales revenue and the cost of goods sold, before deducting overhead, payroll, taxation, and interest payments.

Ending Inventory

The aggregate value of products on hand for selling when an accounting cycle concludes.

Gross Profit

The difference between revenues and the cost of goods sold before deduction of operating expenses, interest, and taxes.