Laws Passed "After the Fact" Are Called ______

question 33

Multiple Choice

Laws passed "after the fact" are called ______.

• A) ex post facto
• B) void for vagueness
• C) cruel and unusual
• D) a bill of attainder

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Definitions:

LIFO

An inventory valuation method that assumes the last items placed into inventory are the first ones sold; stands for Last In, First Out.

Cost

A payment of cash (or a commitment to pay cash in the future) for the purpose of generating revenues.

Ending merchandise inventory

The final value of goods available for sale at the end of an accounting period, calculated as beginning inventory plus purchases minus cost of goods sold.

Inventory costing method

An accounting methodology used to value inventory and determine the cost of goods sold, such as FIFO (First-In, First-Out) or LIFO (Last-In, First-Out).