If Legally Allowed,during Periods of Rising Inventory Values,a Retailer Using

question 52

Multiple Choice

If legally allowed,during periods of rising inventory values,a retailer using the FIFO (first-in-first-out) method could reduce its tax liability by _____.

• A)using the cost method of retail accounting
• B)maintaining a book inventory
• C)calculating deductions from retail value
• D)switching to LIFO

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Definitions:

General-Duty Clause

A provision within some safety and health regulations that mandates employers to provide a work environment free from recognized hazards that could cause harm to employees.

Occupational Safety

Practices and standards implemented to ensure the workplace is free from health and safety hazards.

Recognized Hazards

Hazards that have been identified and analyzed through processes such as safety audits or risk assessments, indicating potential harm to employees in the workplace.

Disparate Impact

A condition in which employment practices are seemingly neutral yet disproportionately exclude a protected group from employment opportunities.