The Fair Credit Reporting Act Has to Do With

question 8

Multiple Choice

The Fair Credit Reporting Act has to do with:

• A)bills that are incorrectly added.
• B)credit checks done by potential lenders.
• C)reports made by credit agencies.
• D)All of the above.
• E)Two of the above, (b) and (c), are correct.

---

Definitions:

Conversion Costs

The combination of labor and manufacturing overhead costs that are incurred in turning raw materials into finished products.

First-In, First-Out Method

An inventory valuation method where the first items produced or acquired are the first ones sold or used, affecting cost of goods sold and inventory valuation.

Material Costs

The total cost of materials used in the production of goods, including both direct raw materials and indirect materials.

Equivalent Units

A concept used in cost accounting to denote the amount of finished goods units that could have been produced given the total amount of direct materials, direct labor, and manufacturing overhead costs incurred.