ISO 9001 Is an Internationally Recognized Set of Quality Standards

question 16

True/False

ISO 9001 is an internationally recognized set of quality standards with a certification process.

---

Definitions:

Weighted-Average Method

This method averages out the costs of inventory by adding the cost of all units available for sale and dividing by the total number of units.

Equivalent Units of Production

A concept in cost accounting used to allocate costs to partially completed goods, expressed in terms of fully completed units.

First-In, First-Out Method

An inventory valuation method where the oldest inventory items are recorded as sold first, with the cost of these oldest items used for accounting purposes.

Weighted-Average Method

An inventory costing method that averages the cost of goods available for sale and assigns the average cost to ending inventory and cost of goods sold.