A 1 or 0 in This System Is Called a ____

question 6

Multiple Choice

A 1 or 0 in this system is called a ____.

• A)byte
• B)word
• C)datum
• D)bit

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Definitions:

Goods Available

Refers to the total quantity or cost of goods that a company has ready for sale at any given time, including both its beginning inventory and the cost of goods purchased or manufactured during the period.

Inventory Estimate

An approximation of the value or quantity of inventory, used for accounting or planning purposes.

Retail Method

An accounting method to estimate ending inventory and cost of goods sold by using a proportional relationship between the retail value and cost of goods.

Estimated Ending Inventory

An approximation of the value of inventory a company has on hand at the end of an accounting period.