Which One of the Following Statements Is Correct

question 17

Multiple Choice

Which one of the following statements is correct?

• A)Molecules and compounds are types of matter.
• B)Carbon dioxide in the atmosphere is a gas but not a form of matter.
• C)When water is boiled,it changes from matter into a gas.
• D)During chemical reactions,elements combine and matter is formed.

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Definitions:

FIFO

"First In, First Out," an inventory valuation method where goods purchased or produced first are sold or used first, reflecting the natural flow of inventory.

Ending Inventory

The total value of goods available for sale at the end of an accounting period, calculated by adding purchases to beginning inventory and subtracting cost of goods sold.

Inventory Costing

The approach employed for inventory valuation, incorporating methods such as FIFO (First In, First Out), LIFO (Last In, First Out), and the weighted average cost technique.

Gross Profit

The difference between revenue and the cost of goods sold, indicating the basic profitability of a company's core business activities.