Only Countries Either Colonized or Defeated in War by Britain

question 92

Multiple Choice

Only countries either colonized or defeated in war by Britain or the United States have imported the ____________ law.

• A) common
• B) socialist
• C) Islamic
• D) civil

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Definitions:

FOB Shipping Point

A term indicating that the buyer assumes responsibility for the goods and the costs of transportation at the point of departure from the seller's shipping dock.

Ending Inventory

At the close of an accounting period, the value of products available for sale is calculated by taking the initial inventory, adding any purchases, and then deducting the cost of goods sold.

Cost Flow Assumption

An accounting method that determines the cost of goods sold and ending inventory valuation, examples include FIFO, LIFO, and weighted average.

LIFO

Last In, First Out, is an inventory valuation method assuming that goods purchased last are the first to be sold.