In Colonial Times, Love Was a Duty, Something One Learned

question 58

True/False

In colonial times, love was a duty, something one learned after marriage.

---

Definitions:

Moving-average Cost

An inventory costing method where the cost of goods sold and ending inventory value are determined based on the average cost of all similar items in inventory.

Perpetual Inventory System

An inventory system that records adjustments to inventory levels continuously as transactions occur.

Ending Inventory

The value of goods available for sale at the end of an accounting period, after accounting for purchases and the cost of goods sold.

Lower-of-cost-or-market

An accounting principle requiring that inventory be recorded at either the historical cost or the market value, whichever is lower, to ensure assets are not overstated.