In Most Businesses,the Physical Flow of Goods Occurs on a FIFO

question 60

True/False

In most businesses,the physical flow of goods occurs on a FIFO basis,but a different cost flow method is allowed under generally accepted accounting principles.

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Definitions:

On-Premise

Refers to software and technology that is installed and runs on the premises of the person or organization using the software, rather than at a remote facility.

Internal Programmers

Developers or coders who are employed within an organization to create and maintain its computer software and systems.

JIT

Just-In-Time, a management strategy that aligns raw-material orders from suppliers directly with production schedules, aimed at reducing inventory costs.

Downstream

Refers to activities or processes that happen after the initial production phase, often relating to the distribution, refining, and retailing of products.