A Labor Union Composed of Workers in the Same Industry

question 144

Multiple Choice

A labor union composed of workers in the same industry is called

• A) a craft union.
• B) an industrial union.
• C) a company shop.
• D) a guild.

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Definitions:

Perpetual Inventory System

An accounting method that continuously updates inventory records for purchases and sales in real-time.

Periodic System

The periodic system is an inventory accounting system where updates to inventory levels are made on a periodic basis, such as monthly or yearly, rather than continuously updating with each sale or purchase.

Average Cost Method

An inventory costing method in which all goods are assigned a price based on the average cost of all units purchased, factoring in all inventory acquired.

Ending Inventory

The total value of goods available for sale at the end of an accounting period, calculated using various valuation methods like FIFO, LIFO, or average cost.