Which Principle of Counting States That There Must Be a Single

question 54

Multiple Choice

Which principle of counting states that there must be a single number name for each item counted?

• A) the one-to-one principle
• B) the stable-order principle
• C) the habituation principle
• D) the cardinality principle

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Definitions:

LIFO

Last In, First Out, is an inventory valuation method assuming that goods purchased last are the first to be sold.

FIFO

First In, First Out, a method used in accounting to manage inventory and financial matters where the first items placed in inventory are the first sold or used.

Average Cost

A method of inventory valuation that calculates the cost of goods sold and ending inventory based on the weighted average cost of all goods available for sale.

First-In, First-Out

An inventory valuation method where the cost of the earliest goods purchased are the first to be recognized in determining cost of goods sold.