A Physical Count of Inventory on Hand Is Known As

question 19

Multiple Choice

A physical count of inventory on hand is known as:

• A) perpetual inventory method.
• B) stocktake.
• C) realisable value.
• D) average cost.

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Definitions:

Total Product

The total amount of output that a firm produces, usually measured over a certain time period, using all available inputs.

Total Costs

The sum of all expenses a company incurs to produce its goods or services, including fixed and variable costs.

Average Variable Costs

The total variable costs of production divided by the quantity of output produced.