Which Type of Lever Is Demonstrated by Using Scissors

question 6

Multiple Choice

Which type of lever is demonstrated by using scissors?

• A) a first-class lever
• B) a second-class lever
• C) a fourth-class lever
• D) a third-class lever

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Definitions:

Cost Flow Assumptions

Accounting principles that dictate how the cost of goods sold and ending inventory values are calculated, such as FIFO (First-In, First-Out) or LIFO (Last-In, First-Out).

LIFO

"Last In, First Out" - an inventory valuation method where the most recently produced or purchased items are recorded as sold first.

FIFO

"First-In, First-Out," an inventory valuation method where goods first purchased or produced are the first to be sold or used.

Weighted Average

Weighted average is a calculation that takes into account the varying degrees of importance of the numbers in a dataset, assigning weights to some of the numbers more than others.