In QBO,what Is NOT True Regarding Inventory

question 20

Multiple Choice

In QBO,what is NOT true regarding inventory?

• A)To maintain consistency QBO uses the same inventory item when recording sales and purchases.
• B)QBO can track both the cost and the sale price for inventory items.
• C)QBO automatically updates inventory records by reducing the quantity on hand for all sales.
• D)QBO must track the quantity of Non-inventory items such as supplies as well as inventory items.

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Definitions:

Economic Profits

The difference between total revenue and total costs, including both explicit and implicit costs, representing the total financial gain of a business.

Monopolistically Competitive

A market structure characterized by many sellers offering differentiated products, allowing some degree of pricing power and market segmentation.

AVC

Average Variable Cost (AVC) is the total variable costs of production divided by the quantity of output produced, representing the variable cost per unit.

ATC

Stands for Average Total Cost, which is the sum of all production costs divided by the quantity of output produced.