A Third Industrial Revolution Is Now Underway Which Is Based

question 133

True/False

A third industrial revolution is now underway which is based on new technologies, software, robots, and miniaturization.

---

Definitions:

Beginning Inventory

The value of all inventory held by a business at the start of an accounting period.

Periodic Inventory System

An inventory accounting system where the inventory is physically counted at specific intervals to determine the cost of goods sold and ending inventory value.

Average Cost

An inventory costing method where all costs of inventory purchased are averaged to determine the cost of goods sold and ending inventory value.

Unit Cost

The cost incurred to produce, acquire, or deliver one unit of a product or service.