The Ancestor of Humans Is Commonly Thought to Be

question 5

Multiple Choice

The ancestor of humans is commonly thought to be:

• A)Australopithecus afarensis
• B)Australopithecus boisei
• C)Australopithecus anamensis
• D)Australopithecus africanus

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Definitions:

Lower of Cost or Market

An accounting principle requiring inventory to be recorded at the lower of its original cost or its current market value.

Inventory Valuation

The method used to assign cost to inventory for the purposes of accounting, vital for determining cost of goods sold and ending inventory values.

Net Realizable Value

The estimated selling price of goods minus the costs of their sale or disposal, used in assessing the value of inventory and receivables.

Replacement Cost

The cost to replace an asset or item at current market prices, without deduction for depreciation.