The Norms and Values Systems That Are Shared Among the Employees

question 102

Multiple Choice

The norms and values systems that are shared among the employees of a company are referred to as

• A) processes.
• B) control systems.
• C) incentives.
• D) organizational culture.

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Definitions:

LIFO

Last In, First Out, a method of inventory accounting where items produced last are considered the first to be sold.

FIFO

FIFO, or First-In, First-Out, is an inventory valuation method where goods first added to inventory are the first to be sold.

IFRS

International Financial Reporting Standards, a set of accounting standards that provide a global framework for how public companies prepare and disclose their financial statements.

Net Realizable Value

The estimated selling price in the ordinary course of business minus any costs necessary to make the sale.