Changing from the LIFO (Last-In,First-Out)to the Specific Identification Method of Valuing

question 12

Multiple Choice

Changing from the LIFO (Last-In,First-Out) to the specific identification method of valuing inventory ignores the principle of ________.

• A)conservatism
• B)consistency
• C)disclosure
• D)materiality

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Definitions:

Social-Psychological Process

A mechanism through which social interactions and structures influence individuals' thoughts, feelings, and behaviors.

Psychological Processes

The functions of the mind that encompass all aspects of perceiving, thinking, remembering, and understanding, which influence behavior.

Attribution Theory

A social psychology theory that explains how individuals infer the causes of their own and others' behavior, attributing it to either internal dispositions or external situations.

Prejudice

Preconceived opinion that is not based on reason or actual experience; bias against someone or something.