Which of the Following Would Not Be Affected by the Choice

question 82

Multiple Choice

Which of the following would not be affected by the choice of an inventory costing method (that is,choosing between FIFO,LIFO,weighted average,and specific identification) ?

• A)Sales revenue
• B)Cost of goods sold
• C)Gross profit
• D)Net income

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Definitions:

Principal Remedies

Refers to the main legal means through which a breach of contract or harm can be addressed, typically including damages, specific performance, and rescission.

Mortgagor

The borrower in a mortgage agreement, who pledges property to a lender as security for the loan being taken.

Mortgagee

The lender in a mortgage agreement, typically a bank or financial institution, that holds the property as security for the repayment of the loan.

Equitable Mortgage

A type of mortgage recognized by a court based on the borrower's intent and the lender's interest, even though the formal legal requirements of a mortgage are not met.