Responsibility Accounting Performance Reports Capture the Financial Performance of Cost,revenue

question 67

True/False

Responsibility accounting performance reports capture the financial performance of cost,revenue and profit centers.

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Definitions:

Perpetual Inventory System

An inventory accounting approach that instantly documents inventory purchases or sales using computerized point-of-sale systems and enterprise asset management software.

Inventory Ledger

A record that keeps track of the detailed inventory transactions of a business, including purchases, sales, returns, and write-offs.

Cost Flow

The pattern in which costs move through a business, beginning with the acquisition of raw materials and ending with the delivery of final products to consumers.

First-In, First-Out

A method of valuing inventory that presumes items are sold in their purchase sequence, first selling the oldest products.