Under the LIFO Method,the Physical Flow of Goods Through the Business

question 69

Multiple Choice

Under the LIFO method,the physical flow of goods through the business will:

• A)have no relationship to the flow of costs through the accounting records.
• B)closely match the flow of costs through the accounting records.
• C)exactly match the flow of costs through the accounting records.
• D)be nearly the opposite of the flow of costs through the accounting records.

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Definitions:

Secondary Succession

An ecological succession that takes place after some disturbance destroys the existing vegetation; soil is already present. See succession.

Resource Partitioning

The process by which species adapt to competition by utilizing different parts of the available resources, reducing direct competition.

Realized Niche

The actual conditions and resources in which a species exists due to biotic and abiotic constraints, as opposed to its potential range.

Limiting Resource

A resource in short supply that restricts the growth, abundance, or distribution of an organism or a population.