Federal Judges

question 52

Multiple Choice

Federal judges

• A) serve lifetime terms.
• B) are appointed by the president.
• C) may be impeached and removed from office.
• D) are approved by the Senate.
• E) All of the above are true.

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Definitions:

Perpetual inventory system

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

LIFO cost method

An inventory costing method that assumes the last items purchased or produced are the first ones sold, impacting the cost of goods sold and inventory valuation.

Gross profit

The difference between revenue and the cost of goods sold before accounting for certain other costs like operating expenses.

Perpetual inventory system

Inventory accounting where transactions are recorded in real-time, updating the inventory account continuously.