The FASAB Allows Entities to Value Inventories Held for Sale

question 12

Multiple Choice

The FASAB allows entities to value inventories held for sale at which of the following values?

• A) Historical cost, using FIFO.
• B) Historical cost, using weighted average.
• C) Latest acquisition cost.
• D) All of the above.

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Definitions:

System Program

A type of computer program designed to operate, control, and extend the processing capabilities of the computer itself.

Operating System

The software that manages the hardware and software resources of a computer, and provides common services for computer programs.

Arithmetic Operations

Basic mathematical operations such as addition, subtraction, multiplication, and division applied to numeric data types.

Central Processing Unit

The primary component of a computer that performs most of the processing inside a computer to execute instructions from both hardware and software.