A Limit Test Is A

question 88

Multiple Choice

A limit test is a:

• A)test to ensure that a numerical value does not exceed some predetermined value.
• B)check to ensure that the value in a field falls within an allowable range of values.
• C)check to ensure that the data in a field have the proper arithmetic sign.
• D)check on a field to ensure that it contains either all numeric or alphabetic characters.

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Definitions:

Weighted Average

A calculation that takes into account the varying weights or importance of different elements in a data set, often used in accounting and inventory management.

Inventory Units

The quantity of individual items or products that a company holds in stock at any given time.

Cost Flow Assumption

An accounting method used to value the cost of goods sold and ending inventory.

Specific Identification

Specific Identification is an inventory valuation method where costs are assigned to individual items, allowing for precise cost determination of sold goods.