Which Term Best Applies to the Type of Reward for Labour

question 78

Multiple Choice

Which term best applies to the type of reward for labour that is usually given in cultures without money as a medium of exchange?

• A) direct
• B) insubstantial
• C) psychological
• D) social

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Definitions:

FIFO

FIFO, or First-In, First-Out, is an inventory valuation method where goods first added to inventory are the first to be sold.

IFRS

International Financial Reporting Standards, a set of accounting standards that provide a global framework for how public companies prepare and disclose their financial statements.

Net Realizable Value

The estimated selling price in the ordinary course of business minus any costs necessary to make the sale.

LIFO

Last In, First Out, an inventory valuation method where the last items added to inventory are assumed to be the first ones removed, affecting cost of goods sold and inventory value.