Technician a and B Are Having a Discussion About Generic

question 14

Multiple Choice

Technician A and B are having a discussion about generic service manuals. Technician A says that generic manuals deal with mechanical repairs, like engines and transmissions. Technician B says that they are devoted to the areas of fuel, emissions, engine performance, and air conditioning. Who is correct?

• A) A only
• B) B only
• C) Both A and B
• D) Neither A nor B

---

Definitions:

Fair Value

The estimated market price of an asset or liability, reflecting the amount for which it could be exchanged or settled between knowledgeable parties in an arm's length transaction.

Book Value

This is the net value of a company's assets minus its liabilities, as recorded on the balance sheet.

FIFO Inventory Method

An inventory valuation method where the first items acquired are the first ones sold, used to determine the cost of goods sold and ending inventory.

Net Income

Net income is the total earnings of a company after subtracting all expenses, including taxes, costs, and losses, from its total revenue, indicating its profit.