LIFO Can Be Applied on Either a Periodic or Perpetual

question 90

True/False

LIFO can be applied on either a periodic or perpetual basis.However,using the perpetual method defeats the purpose of LIFO.

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Definitions:

Mechanistic Structures

Organizational frameworks characterized by rigorous procedures, clear hierarchies, and distinct roles, aiming for efficiency and predictability.

Organic Structures

Flexible and adaptive organizational structures that foster innovation, creativity, and responsiveness, emphasizing informal networks and decentralized decision-making.

Departmentalization

The method of dividing an organization into distinct departments, allowing for specialized functional areas that focus on specific tasks or duties.

Informal Communication

The exchange of information, thoughts, and messages in an unofficial, casual manner outside formal communication channels.