A Product Can Be Classified as New from All of the Following

question 83

Multiple Choice

A product can be classified as new from all of the following perspectives except

• A)the organization's.
• B)existing offerings.
• C)legal.
• D)the firm's competitors.
• E)the consumer's.

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Definitions:

GAAP

The collection of standard accounting practices widely recognized for financial reporting is called Generally Accepted Accounting Principles.

Perpetual System

A system for managing inventory accounts that instantly logs inventory sales or acquisitions using computerized point-of-sale systems and software for enterprise asset management.

Ending Inventory

Ending inventory is the total value of goods available for sale at the end of an accounting period, calculated as beginning inventory plus purchases minus cost of goods sold.

Current Assets

Items of value that are likely to be cashed in, sold off, or used up within a twelve-month period or during the standard operational cycle of a company.