The Use of Information Systems Is Restricted to the Field

question 67

True/False

The use of information systems is restricted to the field of business.

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Definitions:

FIFO Retail Inventory Method

An inventory costing method that assumes items are sold in the order they were purchased or produced, first-in, first-out, applied specifically to retail inventories.

Cost-to-retail Percentage

Cost-to-retail percentage is a ratio used in retail to convert the ending inventory at retail prices back to a cost basis for financial reporting.

Net Markups

The amount by which the selling price of an item exceeds its cost, after accounting for discounts, allowances, and returns.

Net Markdowns

The total reduction in selling price of inventory, subtracting markdown reversals, to adjust for decrease in market value or to stimulate sales.