The _____________ Says That a Company Who Chooses to Use

question 21

Multiple Choice

The _____________ says that a company who chooses to use the LIFO method for valuing their inventory must use that same method each year.

• A) business entity concept
• B) cost principle
• C) consistency principle
• D) materiality principle

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Definitions:

Structures

denote the organized arrangement or system of interrelated elements, which could be social, physical, or conceptual.

Institutions

Complex social structures and organizations that govern the behavior of individuals within a society, such as family, education, and government.

Intersectionality

A concept highlighting the interconnection of social categorizations such as race, class, and gender as they apply to a given individual or group, creating overlapping systems of discrimination or disadvantage.

Colonialism

The political and economic domination by one country over a geographically separate and distinct area and its indigenous population, often involving exploitation.