Which of the Following General Statements About Inventory Is True

question 3

Multiple Choice

Which of the following general statements about inventory is true -

• A) Sage 50 Accounting uses a weighted average perpetual inventory method as the default method of costing
• B) the selling price refers to a single unit, while value refers to cost of the entire stock
• C) a variance account adjusts the difference between cost of an item sold and the new purchase price
• D) all of the above

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Definitions:

Chance

The occurrence of events without apparent cause, or the unpredictable and uncontrollable aspect of happenings.

Control

In experimental research, the practice of limiting the influence of confounding variables to determine the effect of the independent variable on the dependent variable more accurately.

Negative Reinforcement

A concept in behaviorism where the removal of an unpleasant stimulus strengthens a behavior.

Positive Reinforcement

A process in behavior analysis where a favorable outcome, event, or reward occurs after an action, thereby increasing the likelihood of that action being repeated in the future.