Which of the Following General Statements About Inventory Is True

question 33

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:

Cash Received

The total amount of money received by a company during a specific period, including revenues, loans, and investment income.

Issued

Refers to securities that have been distributed to investors, typically shares of stock or bonds that the company has sold to the public.

Face Amount

The nominal value of a security stated by the issuer, which is the amount to be repaid at maturity.

Sold

Refers to the completion of a transaction where goods or services are exchanged for payment.