Case EX 1-1 Nicole Has Not Used Excel Before and Is

question 42

Multiple Choice

Case EX 1-1 Nicole has not used Excel before and is getting used to the different pointer shapes that Excel shows, depending on the action you are taking. Nicole notices that the point changes shape to become a ____ when it is in the worksheet.

• A) white arrow
• B) thick white plus sign
• C) black arrow
• D) thick black plus sign

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Definitions:

Gross profit

The financial metric indicating the difference between revenue and the cost of goods sold, reflecting the core profitability of product sales.

Perpetual inventory system

An accounting method that records the sale or purchase of inventory immediately through computerized point-of-sale systems and enterprise asset management software.

FIFO inventory cost method

An inventory valuation method where costs of the earliest goods purchased are the first to be recognized in determining cost of goods sold.

Inventory costing method

A system or technique used by companies to assign costs to inventory and goods sold; common methods include FIFO, LIFO, and average cost.