When Determining the Length for Elements

question 62

Multiple Choice

When determining the length for elements:

• A) look at what the current length of data is and use that value.
• B) use values that other corporations have for similar elements.
• C) figure the amount of a numeric element and add a few characters for reasonable expansion.
• D) keep the value for the length small to save file space.

---

Definitions:

Equivalent Unit

A measure used in cost accounting to express the amount of work done by incomplete units in terms of fully completed units.

First-In, First-Out

An inventory valuation method where the first items acquired are the first ones sold, used primarily for cost accounting purposes.

Inventory Costing

Inventory costing is the method used to value inventory, including techniques such as FIFO (First-In, First-Out), LIFO (Last-In, First-Out), and weighted average cost.

First-In, First-Out

An inventory valuation method where items acquired or produced first are sold or used first, assuming the oldest inventory is disposed of before newer inventory.