Which of the Following Terms Best Describes the Assumption Made

question 56

Multiple Choice

Which of the following terms best describes the assumption made in applying the four inventory methods?

• A)Cost flow
• B)Goods flow
• C)Asset flow
• D)Physical flow

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Definitions:

Resource

An economic or productive factor required to accomplish an activity or to provide a service, such as labor, land, capital, and raw materials.

Wage Rate

The amount of compensation a worker receives per unit of time or per task performed.

Employed

A status referring to individuals who are currently working for pay or profit, including those temporarily absent from their jobs.

Wage Rate

The standard amount of money paid for work performed, typically expressed as an hourly, daily, or piece rate.