Utility Is

question 164

Multiple Choice

Utility is

• A)the total amount of a good or service a consumer consumes.
• B)social welfare.
• C)the usefulness of a good.
• D)an indicator of individual preferences.
• E)how well something works for its intended purpose.

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Definitions:

Operating Segments

Components of a business that engage in business activities from which it may earn revenues and incur expenses, often reported in financial statements for diversified companies.

LIFO Method

"Last In, First Out," an inventory valuation method where the most recently purchased items are the first to be sold, affecting the cost of goods sold and inventory valuation.

FIFO Method

"First In, First Out," an accounting method for valuing inventory, where the earliest items acquired are the first to be sold.

Inventory Valuation

The method used to assess the cost or market value of inventories held by a business for the purpose of financial reporting.