A __________ Is a Summary of Observed Behavior, and a __________

question 2

Multiple Choice

A __________ is a summary of observed behavior, and a __________ is an explanation of behavior.

• A) law, measurement
• B) theory, scientific method
• C) theory, law
• D) law, theory
• E) hypothesis, theory

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Definitions:

First-In, First-Out

An inventory valuation method where the oldest stock is sold or used first.

Weighted-Average Methods

An inventory costing method that calculates the cost of goods sold and ending inventory based on the average cost of all units available during the period.

First-In, First-Out

An inventory valuation method where the oldest items are sold or used first.

Equivalent Units

A concept in cost accounting used to assess work-in-process inventory by converting partial units into a number of equivalent full units.