Useful Information Has Three Defining Characteristics: (1) It Is Easily

question 212

True/False

Useful information has three defining characteristics: (1) it is easily accessible, (2) it is efficiently organized, and (3) it is simple to manipulate.

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Definitions:

Gross Profit

The difference between sales and the cost of goods sold, indicating the basic profitability of a company's core business activities.

Ending Inventory

The value of goods available for sale at the end of the accounting period, calculated by adding purchases to beginning inventory and subtracting cost of goods sold.

Ethics Violation

An action that goes against moral principles or professional standards, often resulting in disciplinary action.

Retail Inventory Method

An accounting method used by retailers to estimate inventory cost by calculating a cost-to-retail percentage and applying it to the ending retail value of inventory.