An Early Flaw in Snapchat Allowed the Use of Simple

question 31

Multiple Choice

An early flaw in Snapchat allowed the use of simple file browsing tools to locate and save videos that were supposed to "disappear" after a designated period of time.The FTC ruled that Snapchat

• A)Had no responsibility to secure these videos
• B)Must implement a comprehensive privacy policy that will be independently monitored
• C)Could collect contact data from mobile users' address books because it was Apple's responsibility to notify users
• D)Must issue notifications to its database of 10 million users

---

Definitions:

LIFO

Last-In, First-Out, an inventory valuation method where the most recently produced items are recorded as sold first.

Cost Flow Assumption

Accounting methods that companies use to assign costs to inventory and cost of goods sold, such as FIFO, LIFO, and weighted average cost.

Gross Profit

The financial gain obtained after subtracting the cost of goods sold from total sales revenue.

Average Cost Methods

The average cost method is an inventory costing method where all costs of inventory are averaged out and applied to the cost of goods sold and ending inventory.