The Social Audit Is

question 20

Multiple Choice

The social audit is:

• A)a company report that always include a net social contribution.
• B)a government mandated report required of all firms who have a business license.
• C)a company report that measures the firm's social contributions inside and outside of the firm.
• D)a recent development that creates a ratio to compare a firm's corporate philanthropy to its profits.

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Definitions:

LIFO

Last In, First Out, an inventory valuation method where the most recently produced or acquired items are the first to be expensed.

Income Taxes

Taxes on individual or corporate income.

Inventory Costing Method

A system used to evaluate the value of inventory, including methods such as First-In, First-Out (FIFO), Last-In, First-Out (LIFO), and average cost.

Comparability

Ability to compare the accounting information of different companies because they use the same accounting principles.