Examlex
Which of the following elements are necessary for bureaucracy according to Max Weber?
LIFO Method
An inventory management and valuation approach where the last items placed in inventory are the first ones sold.
GAAP
Generally Accepted Accounting Principles, a set of accounting standards and procedures used in the United States to ensure financial statements are consistent and transparent.
IFRS
International Financial Reporting Standards - a set of accounting guidelines that provide the basis for cross-border financial reporting.
Specific Identification
An inventory valuation method in which the cost of each specific item in inventory is tracked and used to calculate cost of goods sold.
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