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Figure 2-2
-Refer to Figure 2-2.If the flow of goods and services is part of what is represented by the inner loop of this circular-flow diagram,then
GAAP
Generally Accepted Accounting Principles, a set of accounting standards and procedures used in the United States to ensure financial statements are consistent and transparent.
IFRS
International Financial Reporting Standards - a set of accounting guidelines that provide the basis for cross-border financial reporting.
Specific Identification
An inventory valuation method in which the cost of each specific item in inventory is tracked and used to calculate cost of goods sold.
LIFO
Last In, First Out, a method of inventory accounting where items produced last are considered the first to be sold.
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