The Argument Asserting That Something Must Be True Because Many

question 23

Short Answer

The argument asserting that something must be true because many people believe it is true is the type of fallacious reasoning known as ________.

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Definitions:

Cost Ratio

A measure used to evaluate the efficiency and profitability of a company, calculated as the cost of goods sold divided by net sales.

Ending Inventory

The value of goods available for sale at the end of an accounting period, calculated for cost of goods sold and financial reporting purposes.

Retail Method

An accounting method used to estimate inventory value, calculated by adding the cost of goods purchased to the cost of the opening inventory and then subtracting the cost of goods sold.

Estimated Ending Inventory

A projection of the value of goods a company has available for sale at the end of an accounting period, based on calculations or formulas.