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Which statement about N2 is false?
Inventory Cost Flow Assumptions
Accounting methods assumed about how costs flow through inventory; basic types include FIFO, LIFO, and weighted average.
Financial Statements
Documented records that outline the financial activities and conditions of a business, including the balance sheet, income statement, and cash flow statement.
Perpetual Inventory System
A perpetual inventory system is an accounting method that records the sale or purchase of inventory immediately through the use of computerized point-of-sale systems and enterprise asset management software.
FIFO
First-In, First-Out, an inventory valuation method where the oldest items are sold first.
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