Which Statement Concerning Inventory Is Incorrect

question 23

Multiple Choice

Which statement concerning inventory is incorrect?

• A) Consistency rules out ever switching to an alternative accounting method.
• B) Consistency is an important consideration when alternative accounting methods exist.
• C) Once an inventory costing method is selected management should not deliberately switch to another to manipulate profits.
• D) Accounting data produced in different accounting periods is not comparable if arbitrary changes in accounting methods are permitted.

Differentiate between primary and secondary data and their relevance to marketing research.

Recognize the critical stages in the marketing research process and their sequential importance.

Identify the various methods and sources of collecting marketing data and their applicability.

Understand the legal and ethical considerations in marketing research, including privacy laws.

---

Definitions:

Ranking Items

The process of ordering items or options according to certain criteria, allowing comparison in terms of quality, significance, or importance.

Systematic Organized Accumulation

A methodical and structured process of gathering or accumulating items or data over time.

Knowledge

Information, awareness, or familiarity gained through experience or education.

Residual Information

Data or knowledge that remains after the main information has been processed or conveyed, often providing additional insights.