Main Memory Is Also Called Random Access Memory (RAM)

question 56

True/False

Main memory is also called random access memory (RAM).

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Definitions:

Inventory method

An accounting approach used to value and manage the inventory of a business, including FIFO (First-In, First-Out), LIFO (Last-In, First-Out), and average cost methods.

Updated inventory value

The revised total cost or market value of all inventory items a company holds, adjusted for additions, subtractions, and valuation changes over a specific period.

LIFO method

Last In, First Out; an inventory valuation method where the most recently produced or purchased items are the first to be expensed.

Periodic system

An inventory valuation method where updates to inventory records are made on a periodic basis, usually at the end of an accounting period.