Which of the Following Is True Regarding LIFO and FIFO

question 79

Multiple Choice

Which of the following is true regarding LIFO and FIFO?

• A)In a period of decreasing costs,LIFO results in lower total assets than FIFO.
• B)In a period of decreasing costs,LIFO results in lower net income than FIFO.
• C)In a period of rising costs,LIFO results in lower net income than FIFO.
• D)The amount reported for COGS is based on market value of inventory if LIFO is used.

Recognize the protection mechanisms for electrical systems against reverse polarity and overvoltage.

Know the specifications for AC leakage, stator windings configuration, and diode usage in alternators.

Understand the different types of alternators and their applications.

Explain how alternators are tested for maximum output and diagnosed for issues.

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Definitions:

Interest-Rate Effect

A theory suggesting that a change in interest rates will affect the level of spending on consumer goods and services due to the changes in borrowing costs.

Aggregate-Demand Curve

A curve that shows the total quantity of goods and services that all households, companies, government, and foreign buyers will purchase at each price level.

Exchange-Rate Effect

The impact of a change in the domestic currency's value on the country's international trade balance, influenced by the relative prices of domestic and foreign goods.

Price Level

An indicator of the mean cost of commodities and services within an economy at a specific point in time.