From an Accounting Point of View,one Implication of an Effective

question 143

Multiple Choice

From an accounting point of view,one implication of an effective just-in-time inventory system is that:

• A)Sales transactions must be recorded using on-line point-of-sale terminals.
• B)Inventories are less material in dollar amount and alternative inventory flow assumptions will produce more similar results.
• C)The cost of goods sold is significantly reduced.
• D)Purchases of merchandise are recorded as cash payments are made,and sales transactions are recorded as cash is received.

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Definitions:

Functional Play

Play activities that involve simple, repetitive activities typical of young children, which help in the development of physical and cognitive abilities.

Symbolic Play

Play in which children make believe that objects and toys are other than what they are. Also called pretend play.

Sensorimotor Stage

The first of Jean Piaget's stages of cognitive development, where infants learn through interacting with the world using their senses and motor activities.

Functional Play

Play activities that involve simple, repetitive activities typical of infants and young children, which help in developing physical and cognitive skills.