Items on a Storage Medium Remain Intact Even When Power

question 98

Multiple Choice

Items on a storage medium remain intact even when power is removed from the computer. What term describes this characteristic?

• A)nonversatile
• B)nonvolatile
• C)nonviolate
• D)nonviolent

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Definitions:

LIFO Perpetual Inventory System

An inventory valuation method that assumes the last items added to inventory are the first sold, and records inventory changes perpetually.

Cost of Goods Sold

Financial obligations directly linked to the production of a company's saleable goods, covering material and labor costs.

Inventory Records

Documents that track the quantity, type, and value of a company's products in stock.

Lower of Cost

An accounting principle that dictates inventory and other assets should be recorded at the lesser of their historical cost or current market value.