Regarding What a "New Product" Is, Your Text Says

question 138

Multiple Choice

Regarding what a "new product" is, your text says:

• A) a product should be considered "new" if it is new in any way for the company concerned.
• B) that the FTC would not call an existing product new, even if it were changed in a functionally significant way.
• C) there is no legal limit on how long a product can be called "new."
• D) a new product must be totally different before it can be called a "new product."
• E) All of these alternatives are correct.

---

Definitions:

Petty Cash Voucher

A document used to record and authorize the payment of small, immediate expenses from a petty cash fund.

High-Cost Items

Products or services that have a significantly higher price due to their quality, complexity, or brand reputation.

Specific Identification

A method for inventory costing and valuation that tracks the cost of individual items or batches of items.

First-In, First-Out

An inventory valuation method where goods purchased or produced first are sold or used first.