Which of the Following Is Not a Correct Statement

question 151

Multiple Choice

Which of the following is not a correct statement?

• A) When alcohol affects the brain, the resulting effects may be only partially reversible even with prolonged abstinence.
• B) Alcohol is responsible for more deaths each year than smoking
• C) Brain shrinkage is common alcoholics, even young ones.
• D) Alcohol can damage skeletal muscles and heart muscle, and create stomach problems.

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Definitions:

Average cost method

An inventory costing method that assigns the average cost of all similar items to the cost of goods sold and to ending inventory.

Periodic system

An inventory accounting system that updates inventory balance and cost of goods sold at the end of an accounting period.

Ending inventory

The total value or quantity of goods on hand at the end of an accounting period.

LIFO method

An inventory cost-flow assumption where the last items purchased or produced are the first to be expensed as sold, opposite of FIFO.