Which of the Following Statements Regarding Master Data Are True

question 2

Multiple Choice

Which of the following statements regarding master data are true?

• A)Master data represent entities such as customers and vendors.
• B)Master data define the structure of an enterprise.
• C)Master data are a consequence of the execution of process steps.
• D)Master data are constantly changing.
• E)Master data change infrequently.

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Definitions:

Cost Or Market

An accounting method for inventory valuation, valuing inventory at the lower of its historical cost or market value.

Weighted Average Cost

A method of inventory costing that assigns a weighted average cost to each unit of inventory on hand, based on the cost of goods available for sale and the number of units available.

Perpetual System

An inventory management approach that tracks the sale and purchase of inventory in real-time, providing a continuous account of inventory and cost of goods sold.

Perpetual LIFO

A method of inventory valuation where the last items acquired are the first considered sold in an ongoing, or perpetual, system.