Exhibit 8-1 -Refer to Exhibit 8-2.Based on the Given Change,what Word (Rises

question 117

Multiple Choice

Exhibit 8-1
-Refer to Exhibit 8-2.Based on the given change,what word (rises or falls) should go in blank (9) and blank (10) ,respectively,to summarize the resulting impact on short run equilibrium?

• A)rises;rises
• B)falls;falls
• C)rises;falls
• D)falls;rises

Recognize the duties and responsibilities of corporate directors and officers.

Understand the mechanisms through which corporations distribute income to shareholders.

Differentiate between types of corporations based on structure, purpose, and ownership.

Learn about the legal consequences of corporate actions that exceed their stated powers (ultra vires acts).

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Definitions:

Dollar-Value LIFO

An inventory valuation method that uses the last-in, first-out (LIFO) cost flow assumption but measures those costs in dollar values, rather than in physical units, to account for inflation or deflation.

Initial Adoption

The first-time application of a new accounting principle, standard, or policy by a company in its financial reporting.

Periodic System

An inventory accounting system where inventory levels are updated and the cost of goods sold is calculated periodically at the end of a reporting period.

Dollar-Value LIFO

A variation of the LIFO (Last-In, First-Out) method that measures increments in pools of like items in dollar terms rather than quantities.