Identify Which One of the Following Is NOT a Primary

question 12

Multiple Choice

Identify which one of the following is NOT a primary function of administrative agencies.

• A) rule-making
• B) investigation
• C) enforcement
• D) adjudication

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Definitions:

Cost of Goods Sold

Expenses directly related to the production of the goods sold by a business, including material costs and direct labor, crucial for calculating gross profit.

Periodic Inventory System

A periodic inventory system is an accounting method where inventory and cost of goods sold are calculated at set intervals, such as monthly or annually.

FIFO

A method of inventory valuation where the first items purchased are the first ones to be sold.