The Entrepreneur's "_____" Is Found at the Point of Overlap

question 42

Multiple Choice

The entrepreneur's "_____" is found at the point of overlap of emerging potentials in the external environment and the unique strengths and capabilities of the entrepreneur and the venture.

• A) opportunity sweet spot
• B) paradox of attraction
• C) opportunity recognition
• D) fatal flaw

Identify the appropriateness of job order costing for different types of production.

Grasp the function and importance of job cost sheets in recording production costs.

Recognize the inventory accounts involved in cost accounting systems.

Understand how production costs are accumulated and assigned to products or services.

---

Definitions:

Lower-Of-Cost-Or-Market

An accounting principle that values inventory at the lower of either its historical cost or its current market price.

Inventory Valuation

The method used to calculate the cost of goods available for sale and determining the ending inventory value for financial reporting purposes.

Ending Inventory

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

Net Realizable Value

The estimated selling price in the ordinary course of business, minus the estimated costs necessary to make the sale.