English Judges Created the Concept of Constructive Possession to Get

question 30

Multiple Choice

English judges created the concept of constructive possession to get around the element of:

• A)deceit in the taking.
• B)intent in the taking.
• C)ownership in the taking.
• D)trespass in the taking.

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Definitions:

FIFO

An accounting method used to manage inventory and cost of goods sold where the first items produced or acquired are the first to be sold.

Merchandise sold cost

The total expense incurred to produce or purchase the goods that have been sold to customers.

Perpetual system

An inventory accounting system that records purchases and sales of inventory immediately through the use of technology, offering continuous stock level information.

LIFO

An inventory valuation method that assumes the last items placed in inventory are the first ones sold ("Last In, First Out").