The Fair and Accurate Credit Transactions (FACT) Act of 2003

question 8

True/False

The Fair and Accurate Credit Transactions (FACT) Act of 2003 was the first law to promote the accuracy, fairness, and privacy of personal information assembled by credit-reporting agencies.

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Definitions:

First-In, First-Out

An inventory valuation method where the goods first produced or acquired are sold or used first, presuming that the oldest inventory items are consumed before newer ones.

Ending Inventory

The value of goods available for sale at the end of an accounting period, after purchases and sales have been accounted for.

Average Cost Formulas

A method used in accounting to calculate the cost of goods sold and ending inventory by averaging the cost of all items available for sale during the period.

Unit Cost

The expense incurred to produce, store, and sell one unit of a product or service.