GPS Utilizes Location-Based Services (LBS), Applications That Use Location Information

question 51

True/False

GPS utilizes location-based services (LBS), applications that use location information to provide a service, whereas a GIS does not use LBS applications.

---

Definitions:

LIFO Inventory

An inventory valuation method where the last items to enter inventory are the first ones to be used or sold.

Periodic Inventory

An inventory accounting system where the inventory is updated and the cost of goods sold is calculated at the end of a period instead of after each sale.

Inventory Balance

Refers to the total value of all inventory a business has in stock at a specific point in time, including raw materials, work-in-progress, and finished goods.

Replacement Cost

The amount required to replace an asset at current prices, ensuring similar functionality or capacity.