Cross-Cultural Research on the Development of Cognitive Abilities Suggests That

question 97

Multiple Choice

Cross-cultural research on the development of cognitive abilities suggests that cultures value and develop those skills that

• A) are useful in the daily activities required in their cultural settings.
• B) are universally needed for human survival.
• C) allow humans to achieve higher levels of cognition than other primates.
• D) were taught to us by our ancestors even if they are no longer relevant to our daily lives.

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Definitions:

Ending Inventory

The total value of goods available for sale at the end of an accounting period, calculated for use in financial reporting and inventory management.

FIFO Cost Assumption

"First-In, First-Out," an inventory costing method that assumes the first items put into inventory are the first ones sold, affecting the calculation of cost of goods sold and ending inventory.

Perpetual

A system or inventory accounting method where updates are made continuously to record every sale or purchase.

Periodic Inventory System

An inventory system under which the company does not keep detailed inventory records throughout the accounting period but determines the cost of goods sold only at the end of an accounting period.