The "Triad Doctrine" No Longer Works Because

question 31

Multiple Choice

The "triad doctrine" no longer works because

• A)the triads were wiped out in the 1990s.
• B)linking to organized crime doesn't work because it is actually not well organized.
• C)the world now has more than three major economic centres.
• D)in reality there is no such thing as an economic centre of activity.

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Definitions:

Cost Flow Assumption

An accounting method that determines the cost of goods sold and ending inventory valuation, examples include FIFO, LIFO, and weighted average.

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.