Which of the Following Would an Organization Employ If It

question 33

Multiple Choice

Which of the following would an organization employ if it outsourced a particular business function or department like information technology,accounting,research and development?

• A)Business process outsourcing
• B)Full-Insourcing
• C)Full-Outsourcing
• D)Offshoring
• E)Selective Outsourcing

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Definitions:

LIFO Conformity Rule

A requirement that if the Last-In, First-Out (LIFO) inventory valuation method is used for tax purposes, it must also be used for financial reporting.

SEC

Securities and Exchange Commission, an independent federal agency responsible for enforcing federal securities laws and regulating the securities industry and stock and options exchanges in the United States.

International Accounting Standards

A set of older accounting standards that were replaced by IFRS, previously developed by the International Accounting Standards Committee (IASC) to guide financial reporting internationally.

FIFO

First In, First Out, an inventory valuation method where the first items produced or acquired are the first ones to be expelled from inventory.