Rebecca and Lucy Are Supervising the Installation of New Software

question 41

Multiple Choice

Rebecca and Lucy are supervising the installation of new software on their company's computers.  Lucy tells Rebecca that there are ____ methods available to install software on a computer.

• A) two
• B) four
• C) three
• D) six

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Definitions:

Physical Inventory

A process where a business counts its entire inventory by hand at a specific point in time to verify stock quantities.

Cost Flow Assumption

An accounting method used to value inventory and determine the cost of goods sold, such as FIFO (First-In, First-Out) or LIFO (Last-In, First-Out).

Specific Identification

Specific identification is an inventory valuation method that tracks the cost of individual items in inventory and matches those costs with the items' actual sale.

Inventory System

A method for tracking the quantities, locations, and statuses of products a company has in stock, both for sales and production purposes.