Data Are Raw Facts or Observations, Typically About Physical Phenomena

question 80

True/False

Data are raw facts or observations, typically about physical phenomena or business transactions.

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Definitions:

Inventory

The total amount of goods and materials held by a company that are available for sale or production.

LIFO

Last In, First Out is a method of valuing inventory in which items that are produced last are sold before those that are produced earlier.

FIFO Cost

First-In, First-Out cost method; an inventory valuation strategy where the costs of the earliest goods purchased are the first to be recognized in cost of goods sold.

Disclosure

The act of making information known publicly, especially financial information by a company to comply with legal requirements and inform investors.