Why Were the Answers Provided in Q20 Selected

question 2

Multiple Choice

Why were the answers provided in Q20 selected?

• A) The variable(s) have a value of 0 in them.
• B) The variable(s) have a value of 5 or less in them.
• C) The variables are continuous as opposed to categorical.
• D) The variables are categorical as opposed to continuous.

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Definitions:

Periodic Inventory System

An inventory system that updates inventory balances after a set period by taking a physical inventory count.

First-In, First-Out (FIFO)

An inventory valuation method that assumes the first items placed into inventory are the first sold, affecting the cost of goods sold and inventory value.

Perpetual Inventory System

This inventory accounting technique immediately logs purchases or sales of inventory via computerized point-of-sale systems and enterprise asset management software.

Ending Inventory

The price of commodities accessible for purchase following the conclusion of an accounting session.