Which of the Following Inventory Methods When Used for Income

question 142

Multiple Choice

Which of the following inventory methods when used for income tax purposes must also be used for reporting purposes?

• A)Specific identification
• B)LIFO
• C)FIFO
• D)Average-cost

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Definitions:

Distributive Justice

The perceived fairness of how resources and rewards are distributed within a group or organization.

Ethical Egoism

The belief that actions are morally right if they benefit the individual making the decision.

Utilitarianism

A moral theory that suggests that the best action is the one that maximizes utility, usually defined as that which produces the greatest well-being of the greatest number of people.

Altruism

The selfless concern for the well-being of others, often manifesting in actions that prioritize others' interests above one's own.