The Inventory Physical Count Gives the Company

question 88

Multiple Choice

The inventory physical count gives the company

• A)inventory quantities that must be priced to arrive at the ending inventory balance reported on the balance sheet
• B)inventory quantities that must be priced to arrive at the ending inventory balance reported on the income statement
• C)inventory value that must be verified to the ending inventory balance reported on the balance sheet
• D)inventory value that must be verified to the ending inventory balance reported on the income statement

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Definitions:

Sensorimotor

The first stage in Piaget’s theory of cognitive development, from birth to about two years, characterized by the development of coordination between sensory input and motor actions.

Preoperational

A stage in Jean Piaget's theory of cognitive development, occurring roughly between the ages of 2 and 7, characterized by symbolic thinking, egocentrism, and difficulty understanding abstract concepts.

Concrete Operational

A stage in Piaget's theory of cognitive development during which children gain the ability to think logically about concrete events.

Formal Operational

The final stage in Piaget's theory of cognitive development, beginning around age 11, where individuals gain the ability to think abstractly and logically about hypothetical situations.