Which of the Following Is Not True About De Juro

question 2

Multiple Choice

Which of the following is not true about de juro standards?

• A) They are always developed before de facto standards.
• B) One example exists for network layer software (IP).
• C) They can be developed by an official industry body.
• D) They can take several years to develop.
• E) They can be developed by a government body.

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Definitions:

LIFO Method

"Last In, First Out" method; an inventory strategy where the most recently produced items are sold first, leaving older inventory in stock.

FIFO Method

An inventory valuation method that assumes the first items placed in inventory are the first sold, standing for "First-In, First-Out."

Inventory Valuation

Inventory valuation is the cost associated with an entity's inventory at the end of a reporting period, affecting the cost of goods sold and the inventory balance on the balance sheet.

Interim Financial Report

A financial statement reporting a corporation's performance over a period shorter than a fiscal year, usually quarterly.