The reduction of the value of money received in the future when the interest rate is known is called ________

An account that is not closed at the end of the period is called a(n) ________

A) expense account B) temporary account C) permanent account D) revenue account

When a company uses the first-in, first-out (FIFO) method, the cost of goods sold correlates to the most recently purchased goods, and the value of ending inventory correlates to the oldest goods in stock

Indicate whether the statement is true or false