In 1929, Clessie Cummins, Founder of Cummins Engine Company, Built

question 57

Multiple Choice

In 1929, Clessie Cummins, founder of Cummins Engine Company, built North America's first diesel-powered:

• A)car"
• B)truck"
• C)boat
• D)tractor"

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Definitions:

Physical Count

A periodic inventory auditing process where a business physically counts its entire inventory to verify stock and identify discrepancies.

Perpetual Inventory System

A system of accounting that immediately logs the sale or acquisition of inventory using computerized point-of-sale systems and software for managing enterprise assets.

Freight Costs

Expenses associated with transporting goods from one location to another, often considered part of the cost of sales or inventory.

Refund Liability

Refund Liability refers to the obligation a company has to return funds to a customer for returned or rejected products or services.