Switching from the Use of a Present System to the Operation

question 43

Multiple Choice

Switching from the use of a present system to the operation of a new or improved system is a(n) _______________ activity.

• A) acquisition
• B) software development
• C) documentation
• D) conversion

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Definitions:

Accuracy

The degree to which the result of a measurement, calculation, or specification conforms to the correct value or a standard.

FIFO Costing Assumption

An inventory valuation method that assumes the items purchased or produced first are sold first, thereby calculating the costs based on earliest prices.

Income Taxes

Taxes levied by governments on the income generated by individuals or businesses.

LIFO Assumption

A method of inventory valuation where the last items placed into inventory are the first ones to be used or sold.