When Using LIFO, an Accounting Department Only Needs to Know

question 27

Multiple Choice

When using LIFO, an accounting department only needs to know:

• A)how many units were sold, not which units were sold.
• B)which units were sold, not how many units were sold.
• C)the specific price of a specific unit.
• D)the average price of a specific unit.

---

Definitions:

Katz

A reference to Daniel Katz, a psychologist known for his work in organizational behavior, particularly regarding motivations and attitudes of employees.

Management Function

The roles and activities undertaken by managers to ensure the organization's objectives are met, typically including planning, organizing, leading, and controlling.

Affirmative Action Program

A policy or a set of measures aimed at increasing the opportunities for historically underrepresented groups in areas such as education, employment, and business.

Emotional Intelligence

The capacity to identify, comprehend, and control one’s own feelings as well as the feelings of other people.