Which of the Following Is an Electronic Device, Operating Under

question 159

Multiple Choice

Which of the following is an electronic device, operating under the control of instructions stored in its own memory, that can accept data, process the data according to specified rules, produce results, and store the results for future use?

• A)input device
• B)computer
• C)output device
• D)both a and c

---

Definitions:

FIFO inventory cost method

An inventory valuation method where costs of the earliest goods purchased are the first to be recognized in determining cost of goods sold.

Inventory costing method

A system or technique used by companies to assign costs to inventory and goods sold; common methods include FIFO, LIFO, and average cost.

Ending inventory

The total value of goods available for sale at the end of an accounting period after all sales transactions have been accounted for.

Current prices

Prices at which goods and services are being sold in the present market, reflecting the current economic conditions.