________________ Is the Recognition That an Object Remains the Same

question 69

Multiple Choice

________________ is the recognition that an object remains the same even though the retinal image of the object changes as you move toward or away from the object.

• A)Size constancy
• B)Shape constancy
• C)Perceptual constancy
• D)Depth perception

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Definitions:

Replacement Cost

The current cost of replacing an asset with a new one of the same kind and quality at current prices.

LIFO-to-FIFO Adjustment

A recalculation process that converts inventory valuation from the Last-In-First-Out (LIFO) method to the First-In-First-Out (FIFO) method, affecting cost of goods sold and inventory value.

Inventory

The total amount of goods and materials held by a company that are available for sale or production.

LIFO

Last In, First Out is a method of valuing inventory in which items that are produced last are sold before those that are produced earlier.