In General,weighted-Average Costing Is Simpler to Use While First-In,first-Out (FIFO)costing

question 96

True/False

In general,weighted-average costing is simpler to use while first-in,first-out (FIFO)costing provides greater decision-making benefits to managers.

---

Definitions:

GDP Deflator

A measure of the level of prices of all new, domestically produced, final goods and services in an economy, used to adjust GDP from nominal to real terms.

Real GDP

Gross Domestic Product adjusted for inflation, measuring the value of goods and services produced in terms of constant prices.

NDP

Net Domestic Product, which is the total value of all goods and services produced within a country in a specific time period, minus depreciation.

GDP

Gross Domestic Product quantifies the overall market worth of every completed good and service produced internally across a country during a certain period.