An Event Is

question 83

Multiple Choice

An event is:

• A) the list of possible outcomes that can occur from a selection or decision.
• B) a collection of elementary events.
• C) similar to an experiment but not controlled by the decision maker.
• D) more frequently found in business than in other disciplines.

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Definitions:

Perpetual inventory system

An accounting method that records the sale or purchase of inventory immediately through computerized point-of-sale systems and enterprise asset management software.

FIFO inventory cost method

An inventory valuation method where costs of the earliest goods purchased are the first to be recognized in determining cost of goods sold.

Inventory costing method

A system or technique used by companies to assign costs to inventory and goods sold; common methods include FIFO, LIFO, and average cost.

Ending inventory

The total value of goods available for sale at the end of an accounting period after all sales transactions have been accounted for.