Two Technicians Are Discussing Headlamps

question 31

Multiple Choice

Two technicians are discussing headlamps. Technician A says that most headlamps are non-adjustable. Technician B says that headlamps can be sealed or non-sealed units. Who is correct?

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

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Definitions:

Ending Inventory

The overall financial value of items on offer at the termination of an accounting cycle.

Perpetual Inventory

An inventory management system that continuously updates the quantity and value of inventory in real-time with every sale or purchase.

GAAP

Known as Generally Accepted Accounting Principles, these are the standard rules and guidelines followed in accounting for financial reporting.

IFRS

International Financial Reporting Standards, a set of global accounting guidelines that govern how company's financial statements are prepared.