A Wisconsin Sporting Goods Store That Sells Fishing Licenses at the Start

question 87

Multiple Choice

A Wisconsin sporting goods store that sells fishing licenses at the start of each sport fishing season is creating _____ utility.

• A)time
• B)form
• C)ownership
• D)place

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Definitions:

Initial Adoption

The first-time application of a new accounting principle, standard, or policy by a company in its financial reporting.

Periodic System

An inventory accounting system where inventory levels are updated and the cost of goods sold is calculated periodically at the end of a reporting period.

Dollar-Value LIFO

A variation of the LIFO (Last-In, First-Out) method that measures increments in pools of like items in dollar terms rather than quantities.

Record Keeping

The systematic process of creating, maintaining, and managing records or documents related to the operations and transactions of an entity.