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:

Pre-existing Duty

A rule in contract law that states if someone is already legally obligated to perform a certain duty, promising to perform that same duty does not constitute a valid consideration for a new contract.

Employer

A person or organization that hires people to work for wages or salary.

Endangerment

The act of putting someone or something at risk or in danger of being harmed or destroyed.

Laws

Rules and guidelines, established by a community or authority, governing behavior.