Suppose That Democritus Were Alive Today, and That He Saw

question 37

Multiple Choice

Suppose that Democritus were alive today, and that he saw a bright red fire truck. He would say that

• A) the color of the fire truck, and the atoms of which it is made, are equally real.
• B) the color of the fire truck is more real than the atoms of which the truck is made.
• C) the color of the fire truck is less real than the atoms of which it is made.
• D) neither the color, nor the truck, nor the atoms are real.

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Definitions:

Ending Inventory

The value of goods available for sale at the end of an accounting period, calculated as beginning inventory plus purchases minus cost of goods sold.

Net Realizable Value

The estimated selling price in the ordinary course of business, minus the estimated costs necessary to make the sale.

Inventory Purposes

The reasons for keeping stock of goods in a business, typically for sale, production, or avoiding stockouts.

Direct Costs

Expenses that can be directly traced to a product or service, such as materials and labor.