Generics Photo -Which of the Products in the Generics Photo Above Is

question 264

Multiple Choice

Generics Photo
-Which of the products in the Generics photo above is least likely,at this point in time,to be concerned with having its name become generic?

• A) Kleenex because most people just ask for a tissue.
• B) Jell-O because there are not other gelatin desserts.
• C) All Sport Disk because most people call it a Frisbee.
• D) Q-Tips because most people call it a cotton swab.
• E) Vaseline because most people refer to it as petroleum jelly.

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Definitions:

Specific Identification Method

An inventory valuation method that tracks the cost of specific items sold and remaining inventory.

Manipulation Of Profits

The unethical or illegal adjustment of a company's financial records in order to present an inaccurately positive picture of its financial performance.

Expenses Against Revenues

The matching principle in accounting that involves recording expenses in the period in which they helped to generate revenues.

LIFO Perpetual

A perpetual inventory system that uses the Last-In, First-Out method to account for inventory costs, where the most recently acquired items are considered sold first.