The Individual Who Guides and Directs the Execution of a Function

question 64

Multiple Choice

The individual who guides and directs the execution of a function through the person accepting operating responsibility has a ________.

• A)general responsibility
• B)specific responsibility
• C)sequential responsibility
• D)rotational responsibility
• E)consultative responsibility

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Definitions:

FIFO

An inventory valuation method that assumes that the first items put into inventory are the first ones sold.

Beginning Inventory

The value of a company’s inventory at the start of an accounting period, carried over from the end of the previous period.

Periodic Inventory System

An accounting method where inventory and cost of goods sold are determined at the end of a period through a physical count.

FIFO Inventory

A method of inventory valuation where the first items produced or acquired are the first ones sold, FIFO stands for "First In, First Out."