Identify a Technological Change Brought About by Globalization Enabled by Information

question 18

Multiple Choice

Identify a technological change brought about by globalization enabled by information technology.

• A) increase in the frequency of international travel
• B) increase in the levels of immigration
• C) enforcement of global patent and copyright laws
• D) decrease in the frequency of worldwide fads
• E) decentralization of organizations

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Definitions:

LIFO Inventory

A method of inventory valuation where the last items added to inventory are the first ones assumed to be sold, typically used to decrease tax liabilities under inflationary conditions.

Ending Inventory

The value of goods available for sale at the end of an accounting period, calculated by adding new purchases to beginning inventory and then subtracting goods sold.

Periodic Inventory System

An inventory system in which the inventory records are updated only after a physical count has been taken at periodic intervals, usually at the end of an accounting period.

Inventory Account

An account in the ledger that tracks the cost of goods a company has in stock that are available for sale.