Our Knowledge About Need and Demand Is Time Specific, That

question 5

Short Answer

Our knowledge about need and demand is time specific, that is, _____________________

Recognize the role of modern technology in the adoption of inventory systems.

Understand the treatment of inventory purchases and costs under different inventory systems.

Identify the legal and accounting treatment of inventory ownership and consignment.

Grasp the differences between various costing methods (absorption, variable) and their impact on financial reporting.