The Essential Characteristic(s) of Accounting Is (Are)

question 14

Multiple Choice

The essential characteristic(s) of accounting is (are)

• A) communication of financial information to interested internal parties only.
• B) communication of economic information to external parties.
• C) identification and measurement of financial information only.
• D) identification, measurement, and communication of financial information.

Differentiate between various technologies used in operations management and their impact on productivity.

Appreciate the relationship between operations management decisions and organizational performance.

Recognize the importance of effective communication and clear objectives in enhancing productivity.

Understand the role of service and mediating technologies in organizational operations and customer satisfaction.

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Definitions:

FIFO

An inventory valuation method where the first items placed into inventory are the first ones sold; stands for First-In, First-Out.

Inventory Costing

The method used to assign costs to inventory, affecting the cost of goods sold and ending inventory valuations.

Ending Inventory

The total value of all inventory that a company has in stock at the end of an accounting period.

Liabilities

Financial obligations or debts owed by a company to creditors, typically classified as either current or long-term.