Standard Costing of Inventory Is a Generally Accepted Accounting Principle

question 19

True/False

Standard costing of inventory is a generally accepted accounting principle.

---

Definitions:

Carrier

An entity that provides transportation services for goods or individuals.

Destination

The destination where a person or an item is headed or directed.

Limitation of Damages

A legal principle that restricts the amount of compensation an injured party can receive.

Lessee

A lessee is a person or entity who rents land, a building, or an apartment under a lease agreement.