What Is the System That Consists of Nonproprietary Hardware and Software

question 103

Multiple Choice

What is the system that consists of nonproprietary hardware and software based on publicly known standards that allows third parties to create add-on products to plug into or interoperate with the system?

• A) Management system
• B) Reputation system
• C) Knowledge system
• D) Open system

Evaluate the effects of inventory valuation methods on cost of goods sold, ending inventory, and gross profit.

Interpret and calculate inventory turnover and days' sales in inventory.

Understand the implications of errors in inventory counting and their effects on financial statements.

Apply the lower of cost or market rule to inventory valuation.