Inventory is an important part of the cost of doing business

The author uses the example of middleman to show

A．market transactions are important in different countries.

B．dealers are needed in doing business.

C．middlemen can play great role in different transactions and different countries.

D．middlemen in different countries have different actions in business.

Estimating schedule activity costs involves developing an(69)of the costs of the resources needed to complete each schedule activity. Cost estimating includes identifying and considering various costing alternatives. For example, in most application areas, additional work during a design phase is widely held to have the potential for reducing the cost of the execution phase and product operations. The cost estimating process considers whether the expected savings can offset the cost of the additional design work. Cost estimates are generally expressed in units of(70)to facilitate comparisons both within and across projects.The(71 )describes the business need, justification, requirements, and current boundaries for the project. It provides important information about project requirements that is considered during cost estimating.

A．accuracy

B．approximation

C．specification

D．summary

Standard of purchased material:

A Simplifies inventory control

B reduces the risk of obsolescence

C reduces cost of purchasing and storage

D All of the above.

E A and C only.

The inventory method that assigns the most recent costs to cost of good sold is

A. FIFO

B. LIFO

C. average

D. specific identification

A.net income is understated

B.net income is overstated

C.merchandise inventory reported on the balance sheet is overstated

D.cost of merchandise sold is understated

What does “operating with normal business procedures”refer to?

A． Adopting the Western way of doing business.

B． An ordinary way of doing business without meditation and fasting.

C． Contact with God,

D． Putting the right persons in the right jobs.

A.specific identification

B.average

C.LIFO

D.FIFO

A、patent

B、information

C、partner

D、revenue

When the perpetual inventory system is used, the inventory sold is debited to ( )

A. supplies expense

B. cost of merchandise sold

C. merchandise inventory

D. sales

During inflationary periods, an advantage of the LIFO inventory cost method is that it matches more recent costs against current revenues.()