The Drawing of Conclusions or Inferences from Facts,observations,or Assumptions Is

question 98

Multiple Choice

The drawing of conclusions or inferences from facts,observations,or assumptions is called

• A)reasoning.
• B)framing.
• C)confirmation bias.
• D)intelligence.

---

Definitions:

Ending Inventory

The total value of all goods available for sale at the end of an accounting period, calculated as the beginning inventory plus purchases minus the cost of goods sold.

Perpetual Inventory System

An accounting approach that continuously tracks inventory levels and costs, updating the general ledger after each receipt or sale of goods.

FIFO

"First In, First Out," an inventory valuation method where goods purchased or produced first are the first ones to be sold or used.

Ending Inventory

The value of goods available for sale at the end of an accounting period, calculated by adding new purchases to beginning inventory and subtracting the cost of goods sold.