Which Is NOT One of Gray's Accounting Values

question 3

Multiple Choice

Which is NOT one of Gray's accounting values?

• A)secrecy vs.transparency
• B)conservatism vs.optimism
• C)capitalizing vs.expensing
• D)uniformity vs.flexibility

---

Definitions:

Ending Inventory

The total value of all the inventory that a company has in stock at the end of an accounting period.

LIFO Cost Flow

A method of stock valuation where the latest items added to the inventory are the first ones to be sold.

Cost of Goods Sold

The direct expenses tied to the production of goods sold by a company, including material and labor costs.

Net Income

A company's profit amount after all deductions for expenses and taxes from revenue have taken place.