Concerning Cost Data,which of the Following Is False

question 34

Multiple Choice

Concerning cost data,which of the following is false?

• A) Cost information is stored in several tables.
• B) Standard cost is stored as an attribute of the Inventory table because it is the same for all units of a given inventory item for a fiscal year.
• C) In contrast, the actual cost of inventory is stored in a relationship table because prices can vary over time.
• D) Actual cost can be stored as an attribute of the Inventory table for organizations that value inventory based on the most recent amount paid.

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Definitions:

Categories

Distinct groups or classes into which data or items can be divided based on shared characteristics or qualities.

Chi-square

A statistical test used to compare observed frequencies with expected frequencies for categorical variables to assess the likelihood of an association.

Parametric Statistics

A branch of statistics that assumes data comes from a type of distribution and makes inferences about the parameters of the distribution.

Sample Size

The number of observations or data points used in a study or analysis.