In 2004, a Group of Nurses Came Together After Attending

question 44

True/False

In 2004, a group of nurses came together after attending a national informatics conference to ensure that nursing was equally recognized in the national informatics movement. This so-called Technology Informatics Guiding Education Reform (TIGER) team determined that using informatics was a core competency for all healthcare workers.

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Definitions:

Weighted Average Method

An inventory valuation method where costs of goods sold and ending inventory are determined by taking the weighted average of all units available for sale during the period.

Work in Process Inventory

Inventory that includes goods that are in the production process but are not yet complete.

Equivalent Units

A concept used in process costing that converts partially completed units into a number of fully equivalent units.

Weighted Average Method

A cost accounting method used to calculate the cost of goods sold and ending inventory by taking into account the weighted average of all inventory costs.