The Factor Which Determines Whether or Not Goods Should Be

question 162

Multiple Choice

The factor which determines whether or not goods should be included in a physical count of inventory is

• A) physical possession.
• B) legal title.
• C) management's judgment.
• D) whether or not the purchase price has been paid.

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Definitions:

Shifted Inward

A term used in economics to describe a decrease in the production possibility frontier, indicating reduced capacity or efficiency.

Technological Progress

The advancement in technological capabilities leading to improved products, processes, or services.

Production Possibilities Curve

A visual chart that depicts the highest number of products or services that can be manufactured using a set amount of resources.

Outward Shift

An increase in the potential output of an economy, often represented by an outward movement on a graph.