After the Collapse of Communism in Russia,successful Business Owners Often

question 25

Multiple Choice

After the collapse of communism in Russia,successful business owners often had to pay "protection money" to the Mafia or face violent retribution.This is an example of:

• A)rights corruption.
• B)public action.
• C)private action.
• D)property corruption.

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Definitions:

Periodic System

An inventory system in which the inventory level is updated and cost of goods sold is calculated at the end of an accounting period.

Perpetual Inventory

An inventory management system that records the sale or purchase of inventory immediately through the use of computerized point-of-sale systems and enterprise asset management software.

Periodic System

An accounting method used for tracking inventory where updates to the inventory account are made periodically, typically at the end of an accounting period.

LIFO Inventory

A method of inventory valuation where the last items to be added to the inventory are the first ones to be used or sold, assuming that the cost of goods sold is based on the most recent prices.