Quality Costs Are Classified into All of the Following Major

question 45

Multiple Choice

Quality costs are classified into all of the following major categories EXCEPT:

• A)internal failure.
• B)appraisal.
• C)inspection.
• D)prevention.

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Definitions:

Common Shares

Equity securities that represent ownership in a corporation, with voting rights and the potential for dividends.

FIFO

Stands for "First In, First Out," an accounting method for valuing inventory and determining cost of goods sold, where the oldest inventory is sold first.

LIFO

Last In, First Out, an inventory valuation method where the most recently produced or acquired items are recorded as sold first.

Inflation

How fast the general price for goods and services climbs, lessening the power to purchase.