In the Summer of 1787, Fifty-Five Delegates Gathered in Philadelphia

question 105

Multiple Choice

In the summer of 1787, fifty-five delegates gathered in Philadelphia to accomplish which of the following tasks?

• A)Write the Declaration of Independence
• B)Amend the Articles of Confederation
• C)Write the Pledge of Allegiance
• D)Abolish state laws
• E)Secede from Great Britain

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Definitions:

GAAP

Generally Accepted Accounting Principles; a collection of commonly-followed accounting rules and standards for financial reporting.

Accounting For Inventories

The process of tracking and managing the goods a company holds for the purpose of sale or production, including valuation and cost determination.

Perpetual Inventory System

An accounting method that records inventory purchases and sales in real time through continuous updates to inventory accounts.

LIFO Assumption

An inventory costing method that assumes the last items purchased are the first ones sold (Last In, First Out).