As Far as a Duty to Care Is Concerned, a Corporation

question 14

Multiple Choice

As far as a duty to care is concerned, a corporation is treated ___________.

• A) using a different standard of care a person owes
• B) no differently than an individual
• C) with less care than a person
• D) with greater care than a person

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Definitions:

Physical Movement

The actual movement or transportation of goods in a supply chain.

Average Cost Flow

An inventory costing method that assigns the average cost of goods available for sale to both ending inventory and cost of goods sold.

Ending Inventory

The value of goods available for sale at the end of an accounting period, calculated by adding purchases to the beginning inventory and subtracting goods sold.

LIFO

Last In, First Out; an inventory valuation method where the most recently produced items are recorded as sold first.