An Empirically Based Theory Could Be Described as Being

question 9

Multiple Choice

An empirically based theory could be described as being:

• A) developed and supported on the basis of observations.
• B) based on a set of accepted scales and measures.
• C) based on a political approach developed in the early nation states.
• D) related to a specific time period and not able to be generalised.

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Definitions:

Ending Inventory

Ending inventory is the value of goods available for sale at the end of an accounting period, calculated as the beginning inventory plus purchases minus the cost of goods sold.

Gross Profit Method

An accounting technique used to estimate inventory levels and cost of goods sold by utilizing the gross profit margin.

Net Sales

The total revenue from sales minus returns, allowances for damaged or missing goods, and discounts.

Moving-Average Method

The Moving-Average Method is an inventory costing method that averages the costs of inventory over time to determine the value of sold and remaining stock.