Which Statement Is INCORRECT

question 38

Multiple Choice

Which statement is INCORRECT?

• A)Natural laws are concise statements about natural phenomena.
• B)Induction is to infer a set of naturals laws from a set of observations.
• C)The key to the scientific method is valid assumptions.
• D)A hypothesis is a tentative explanation of a natural law.
• E)A pattern of thinking is known as a paradigm.

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Definitions:

LIFO

Last-In, First-Out, an inventory valuation method where the most recently produced items are sold first.

Computed Amounts

Quantitative values determined through calculations or algorithms, often used in financial statements and analyses.

Periodic Inventory System

An inventory accounting system where updates to inventory levels are made on a periodic basis, rather than continuously.

Perpetual Inventory System

An inventory management system where updates are made continuously as transactions occur, maintaining real-time inventory levels.