For Purposes of Diversity-Of-Citizenship,where Does a Corporation Reside

question 82

Multiple Choice

For purposes of diversity-of-citizenship,where does a corporation reside?

• A)The state of incorporation only.
• B)The state in which the corporation has its principal place of business only.
• C)Both the state in which the corporation has its principal place of business and the state of incorporation.
• D)Any state in which the corporation does business.
• E)Any state in which the corporation has done business within the last five years.

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Definitions:

Inventory Costing Method

A method used to assign costs to inventory items, such as FIFO (First-In, First-Out), LIFO (Last-In, First-Out), or weighted average cost.

LIFO

Last In, First Out, an inventory valuation method where the most recently produced or acquired items are sold first, affecting the cost of goods sold and inventory value.

FIFO

"First In, First Out," a method of inventory valuation where the earliest acquired goods are sold first.

Rising Prices

A situation where the general level of prices for goods and services in an economy increases over a period of time.