When a Formula Fails to Pass One of the Rules

question 24

Multiple Choice

When a formula fails to pass one of the rules and background formula checking is enabled, Excel displays a small ____ in the upper-left sarner of the cell assigned the formula.

• A) blue square
• B) red circle
• C) green triangle
• D) green diamond

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Definitions:

FIFO Method

"First In, First Out" is an inventory valuation method where goods are sold or used in the order in which they are acquired.

Gross Profit Method

An accounting technique used to estimate the cost of goods sold and ending inventory by applying a gross profit margin to net sales.

Perpetual Inventory System

An accounting method that records inventory transactions in real-time, providing a continuously updated inventory balance.

Inventory Destroyed

This term describes inventory items that have been lost, damaged beyond repair, or otherwise rendered unusable and must be written off from the business's accounts.