Perhaps the Most Important Distinction Between Standardization and Adaptation Is

question 77

Multiple Choice

Perhaps the most important distinction between standardization and adaptation is that ________.

• A) standardization helps the firm customize products according to customer preferences, while adaptation helps the firm save time
• B) standardization helps the firm cut costs, while local adaptation helps the firm more precisely cater to local needs and requirements
• C) standardization helps the firm cater to the needs of local customers, while adaptation helps the firm save costs through mass production
• D) standardization helps the firm upgrade quality to suit the unique tastes of consumers, while adaptation emphasizes uniformity

Recognize the accounting treatment of inventories and revenue recognition under IFRS and GAAP.

Understand and calculate the components of an income statement, including sales revenue, cost of goods sold, gross profit, operating expenses, and net income.

Calculate net purchases and cost of goods purchased under a periodic inventory system.

Differentiate between GAAP and IFRS in classification and presentation of income statement items.

---

Definitions:

Resurface Driveway

The process of repairing and overlaying the existing pavement of a driveway with new material to restore its surface.

Essential Elements

Fundamental components or factors that are necessary to form or define a particular entity or concept.

CISG

The United Nations Convention on Contracts for the International Sale of Goods, a set of rules governing the sale of goods between parties from different countries.

International Sales

The sale of goods or services across national boundaries, governed by international commercial law and trade agreements.