George Is Told That He Needs to Take a Competency

question 35

Multiple Choice

George is told that he needs to take a competency test. George is most likely

• A) preparing to graduate from high school.
• B) attempting to enter an enrichment program after middle school.
• C) having difficulties in reading and writing and may be a candidate for remediation.
• D) trying to decide which career to pursue after high school.

---

Definitions:

Income Tax Expense

The cost incurred by businesses or individuals due to the taxes on their income.

Inventory Flow Assumption

Pertains to the method used by a business to account for the order in which inventory is sold or used over time.

Beginning Inventory

The cost of merchandise on hand for sales at the commencement of an accounting cycle.

Cost Of Goods Sold

The immediate costs linked to the manufacture of products a business sells, involving material and labor costs.