During Periods of Increasing Prices,use of the LIFO Inventory Method

question 118

True/False

During periods of increasing prices,use of the LIFO inventory method will result in a lower inventory amount on the balance sheet and a lower net income than will use of the FIFO inventory method.

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Definitions:

Discriminative Stimulus

A stimulus in the presence of which a particular response is reinforced, helping to differentiate it from other stimuli where the response would not be reinforced.

Operant Conditioning

A learning process in which the likelihood of a behavior is increased or decreased through reinforcement or punishment.

Reinforcement

A process in behavioral psychology that increases the likelihood of a behavior being repeated, through positive or negative stimuli.

Discriminative Stimulus

A stimulus in the environment that increases the probability of a particular behavioral response due to its association with a reinforcement or punishment.