The VLOOKUP Function

question 88

Multiple Choice

The VLOOKUP function.

• A) is the argument in a function that describes to which column to return a value.
• B) is a range containing a lookup table.
• C) is a reference to a cell containing a value to look up.
• D) looks up a value and returns a related result from the lookup table.

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Definitions:

Physical Count

Physical count involves manually counting all inventory items in a business at a specific time to verify quantities and ensure accuracy in records.

Periodic System

An inventory system where the inventory count is physically updated at specific intervals, and costs of goods sold are calculated at the end of the accounting period.

Moving Average System

A method used in accounting and finance to smooth out data by generating a series of averages of different subsets of the full data set.

Freight-In Costs

Expenses associated with transporting goods from the supplier to the purchaser, typically included in the cost of inventory.