Two Approaches to Determining the Number of Units of Inventory

question 16

Multiple Choice

Two approaches to determining the number of units of inventory on hand are:

• A) periodic, physical
• B) lower of cost and net realisable value
• C) FIFO, weighted average
• D) periodic, perpetual

Recognize the characteristics of different probability distributions (e.g., binomial, Poisson, hypergeometric).

Calculate probabilities in binomial experiments.

Calculate and interpret the mean and standard deviation in probability distributions.

Understand the application of the relative frequency method in developing discrete probability distributions.

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Definitions:

Social Security

A government program that provides financial assistance to people with insufficient or no income, especially the elderly, disabled, and families with dependent children.

Federal Unemployment Taxes

Taxes paid by employers to fund the federal government's oversight of the state unemployment insurance programs.

State Unemployment Taxes

Taxes imposed by state governments on employers to fund unemployment compensation programs for workers who have lost their jobs.

State Unemployment

A form of government insurance for the unemployed, funded by both employers and the government, which provides temporary financial assistance.