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Chapter1:IntroductiontoManagementAccounting
1.1-1Managerialaccounting'sfocusistoprovideinfonnationforinternalplanningandcontrol.
Answer:True
Difficulty:1
LO:1-1
EOCRef:Sl-1
AACSB:ReflectiveThinking
AICPABusinessPerspectiveCompetencies:CriticalThinking
AICPAFunctionalCompetencies:Reporting
1.1-2Managementaccountingoftenrequiresforward-lookingdatabecauseofthefuturisticnatureofmany
businessdecisions.
Answer:True
Difficulty:1
LO:1-1
EOCRef:Sl-1
AACSB:ReflectiveThinking
AICPABusinessPerspectiveCompetencies:CriticalThinking
AICPAFunctionalCompetencies:Reporting
1.1-3ManagementaccountingisinfluencedsignificantlybytheSecuritiesExchangeCommission.
Answer:False
Difficulty:1
LO:1-1
EOCRef:Sl-1
AACSB:ReflectiveThinking
AICPABusinessPerspectiveCompetencies:CriticalThinking
AICPAFunctionalCompetencies:Reporting
1.1-4Budgetpreparationisapartoftheplanningprocess.
Answer:True
Difficulty:1
LO:1-1
EOCRef:Sl-2
AACSB:ReflectiveThinking
AICPABusinessPerspectiveCompetencies:CriticalThinking
AICPAFunctionalCompetencies:Reporting
1.1-5Financialaccountingandmanagerialaccountingbothutilizetheaccrualbasisofaccounting.
Answer:True
Difficulty:1
LO:1-1
EOCRef:Sl-1
AACSB:ReflectiveThinking
AICPABusinessPerspectiveCompetencies:CriticalThinking
AICPAFunctionalCompetencies:Reporting
1.1-6WhichofthefollowingisNOTanobjectiveofmanagementaccounting?
A)Toprovideinformationtobusinessmanagerstoassisttheminplanningfortheirbusiness
B)Toprovideinformationtobusinessmanagerstoassistthemincontrollingtheirbusiness
C)Toprovideinformationtoshareholderstoassistthemwiththeirinvestmentdecisions
D)Toassistbusinessmanagerswithrespecttoprovidingareturntotheownersofthebusiness
Answer:C
Difficulty:2
LO:1-1
EOCRefSl-1
AACSB:ReflectiveThinking
AICPABusinessPerspectiveCompetencies:CriticalThinking
AICPAFunctionalCompetencies:Reporting
1.1-7Whichofthefollowingstatementsisincorrect?
A)Theprimaryusersofmanagementaccountingarcthecompany'smanagers.
B)Managementaccountinginformationisusedtohelpmanagersplanandcontroltheiroperations.
C)Managementaccountinginformationdoesnotrequireanexternalaudit.
D)Managementaccounting'sfinancialreportsarerestrictedbygenerallyacceptedaccountingprinciples.
Answer:D
Difficulty:2
LO:1-1
EOCRefSI-2
AACSB:ReflectiveThinking
AICPABusinessPerspectiveCompetencies:CriticalThinking
AICPAFunctionalCompetencies:Reporting
1.1-8Whichofthefollowingtypesofaccountingisdesignedtomeettheneedsofdecision-makersinsidea
company?
A)Financialaccounting
B)Taxaccounting
C)Managementaccounting
D)Auditing
Answer:C
Difficulty:1
LO:1-1
EOCRefEl-14
AACSB:ReflectiveThinking
AICPABusinessPerspectiveCompetencies:CriticalThinking
AICPAFunctionalCompetencies:Reporting
1.1-9Whichstatementiscorrect?
A)Managementaccountingusesthecashbasisandfinancialaccountingusestheaccrualbasistorecord
transactions.
B)Managementaccountingusesthecashbasistorecordtransactions.
C)Financialaccountingusesthecashbasistorecordtransactions.
D)Bothmanagementaccountingandfinancialaccountingusetheaccrualbasistorecordtransactions.
Answer:D
Difficulty:2
LO:1-1
EOCRefEl-14
AACSB:ReflectiveThinking
AICPABusinessPerspectiveCompetencies:CriticalThinking
AICPAFunctionalCompetencies:Reporting
1.1-10Whichofthefollowingstatementsisincorrect?
A)Managementusesaccountinginformationtodeterminethecostofproductsandservices.
B)Managementusesaccountinginformationtoplanandcontrolbusinessoperations.
C)Managementusesaccountinginformationtoreportthecompany'sfinancialpositionandresultsof
operationstoexternalparties.
D)Financialaccountingismorerelevanttouseforinternaldecisionmakingpurposesthanismanagement
accounting.
Answer:D
Difficulty:1
LO:1-1
EOCRefEl-14
AACSB:ReflectiveThinking
AICPABusinessPerspectiveCompetencies:CriticalThinking
AICPAFunctionalCompetencies:Reporting
1.1-11Whichofthefollowingstatementsaboutfinancialaccountingiscorrect?
A)Financialaccountinghelpsinvestorsmakedecisions.
B)Financialaccountingreportsdonotinfluenceinvestorbehavior.
C)Financialprovidesdetailedreportsonpartsofthecompany.
D)Financialaccountingprovideshelpinplanningandcontrollingoperations.
Answer:A
Difficulty:1
LO:1-1
EOCRefSl-1
AACSB:ReflectiveThinking
AICPABusinessPerspectiveCompetencies:CriticalThinking
AICPAFunctionalCompetencies:Reporting
1.1-12Whichofthefollowingstatementsaboutmanagerialaccountingiscorrect?
A)ManagerialaccountingreportsareauditedannuallybyCertifiedPublicAccountants.
B)Managerialaccountingreportshelpinvestorsmakedecisions.
C)Managerialaccountingreportsprovidedetailedinformationonpartsofacompany.
D)ManagerialaccountingreportsmustfollowGenerallyAcceptedAccountingprinciples(GAAP).
Answer:C
Difficulty:1
LO:1-1
EOCRefSl-1
AACSB:ReflectiveThinking
AICPABusinessPerspectiveCompetencies:CriticalThinking
AICPAFunctionalCompetencies:Reporting
1.1-13Whichofthefollowingreportsmustbeauditedbycertifiedpublicaccountants?
A)Annualfinancialreports
B)Federaltaxreturns
C)Statetaxreturns
D)Managementaccountingreports
Answer:A
Difficulty:1
LO:1-1
EOCRefSI-2
AACSB:ReflectiveThinking
AICPABusinessPerspectiveCompetencies:CriticalThinking
AICPAFunctionalCompetencies:Reporting
1.2-1Duringthepastcentury,manydevelopedeconomieshaveshiftedtheirfocusfromaserviceeconomytoa
manufacturingeconomy.
Answer:False
Difficulty:1
LO:1-2
EOCRef:Sl-3
AACSB:ReflectiveThinking
AICPABusinessPerspectiveCompetencies:Global
AICPAFunctionalCompetencies:Reporting
1.2-2Increasedglobalcompetitionhasresultedinmanycompaniesmovingtheiroperationstoothercountries
tobeclosertonewmarkets.
Answer:True
Difficulty:1
LO:1-2
EOCRef:Sl-3
AACSB:ReflectiveThinking
AICPABusinessPerspectiveCompetencies:Global
AICPAFunctionalCompetencies:Reporting
1.2-3Whichofthefollowingisaphilosophyofprovidingcustomerswithsuperiorproductsandservices?
A)Just-in-time(JIT)
B)ERP
C)Supplychainmanagement
D)Totalqualitymanagement
Answer:D
Difficulty:2
LO:1-2
EOCRefSI-3
AACSB:ReflectiveThinking
AICPABusinessPerspectiveCompetencies:CriticalThinking
AICPAFunctionalCompetencies:Reporting
1.2-4Whichofthefollowingdescribesasysteminwhichsuppliersdelivermaterialsatthetimetheyare
neededandfinishedunitsarecompletedwhencustomerordersneedtobefilled?
A)Supplychainmanagement
B)Just-in-time(JIT)
C)Enterpriseresourceplanning
D)Totalqualitymanagement
Answer:B
Difficulty:2
LO:1-2
EOCRefSI-3
AACSB:ReflectiveThinking
AICPABusinessPerspectiveCompetencies:CriticalThinking
AICPAFunctionalCompetencies:Reporting
1.2-5Whatistotalqualitymanagement?
A)Aphilosophyofsupplyingcustomerswithsuperiorproductsandservices
B)Anexchangeofinformationwithsuppliersandcustomerstocreateefficientandeffectiveprocesses
C)Asoftwaresystemthatintegratesacompany'sfunctions,departmentsanddataintoasinglesystem
D)Asysteminwhichacompanyproduceswhatitneedswhenitneedsit
Answer:A
Difficulty:2
LO:1-2
EOCRefSI-3
AACSB:ReflectiveThinking
AICPABusinessPerspectiveCompetencies:CriticalThinking
AICPAFunctionalCompetencies:Reporting
1.2-6Whatisthenamegiventosoftwaresystemsthatcanintegrateallofacompany'sworldwidefunctions,
departmentsanddataintoasinglesystem?
A)AllinOneSoftware
B)EnterpriseResourcePlanning
C)TotalIntegratedSoftware
D)Just-in-time
Answer:B
Difficulty:2
LO:1-2
EOCRefS1-3
AACSB:ReflectiveThinking
AICPABusinessPerspectiveCompetencies:CriticalThinking
AICPAFunctionalCompetencies:Reporting
1.3-1Periodcosts,suchasdirectmaterials,areexpensedduringtheperiodthattheywereincurred.
Answer:False
Difficulty:1
LO:1-3
EOCRef:Sl-3
AACSB:ReflectiveThinking
AICPABusinessPerspectiveCompetencies:CriticalThinking
AICPAFunctionalCompetencies:Reporting
1.3-2Aservicecompany'sincomestatementdoesNOTincludecostofgoodssold.
Answer:True
Difficulty:1
LO:1-3
EOCRefSI-3
AACSB:ReflectiveThinking
AICPABusinessPerspectiveCompetencies:CriticalThinking
AICPAFunctionalCompetencies:Reporting
1.3-3WhichofthefollowingcostsdoNOTgodirectlyintotheworkinprocessaccount?
A)Factoryoverhead
B)Indirectlabor
C)Factoryjanitorialcosts
D)Thepurchaseofrawmaterials
Answer:D
Difficulty:2
LO:1-3
EOCRefEl-17
AACSB:ReflectiveThinking
AICPABusinessPerspectiveCompetencies:CriticalThinking
AICPAFunctionalCompetencies:Reporting
1.3-4Whichofthefollowingareperiodcosts?
A)Currentassetsonthebalancesheet
B)Costsincurredandexpensedduringtheaccountingperiod
C)Costsrelatedtothemanufactureofproducts
D)Currentliabilitiesonthebalancesheet
Answer:B
Difficulty:2
LO:1-3
EOCRefEl-16
AACSB:ReflectiveThinking
AICPABusinessPerspectiveCompetencies:CriticalThinking
AICPAFunctionalCompetencies:Reporting
1.3-5Whichofthefollowingisacharacteristicofaservicecompany?
A)Ittransformsrawmaterialsintofinishedgoods.
B)Itmakesaproduct.
C)Itdoesnothavetangibleproductsintendedforsale.
D)Ithasasinglecategoryofinventory.
Answer:C
Difficulty:2
LO:1-3
EOCRefEl-17
AACSB:ReflectiveThinking
AICPABusinessPerspectiveCompetencies:CriticalThinking
AICPAFunctionalCompetencies:Reporting
1.3-6Whichofthefollowingisanexampleofaperiodcost?
A)Advertisingexpense
B)Depreciationonfactoryequipment
C)Indirectmaterials
D)Propertytaxesonplant
Answer:A
Difficulty:1
LO:1-3
EOCRefEl-16
AACSB:ReflectiveThinking
AICPABusinessPerspectiveCompetencies:CriticalThinking
AICPAFunctionalCompetencies:Reporting
1.3-7Whichofthefollowingcouldbefoundontheincomestatementofaservicecompany?
A)Rentexpense
B)Costofgoodsmanufactured
C)Costofgoodssold
D)Manufacturingoverhead
Answer:A
Difficulty:1
LO:1-3
EOCRefEl-17
AACSB:ReflectiveThinking
AICPABusinessPerspectiveCompetencies:CriticalThinking
AICPAFunctionalCompetencies:Reporting
1.4-1Whichofthefollowingstatementsiscorrect?
A)Adecreaseinfinishedgoodsmeansthatcostofgoodsmanufacturedisgreaterthancostofgoodssold.
B)Adecreaseinworkinprocessmeansthatcostofgoodssoldisgreaterthancostofgoodsmanufactured.
C)Adecreaseinrawmaterialsimpliesthatthecostofmaterialsusedinproductionexceedsthecostofthe
materialspurchased.
D)Adecreaseinworkinprocessmeansthatcostofgoodsmanufacturedwaslessthanthemanufacturing
costsincurred.
Answer:C
Difficulty:2
LO:1-4
EOCRefSI-6
AACSB:ReflectiveThinking
AICPABusinessPerspectiveCompetencies:CriticalThinking
AICPAFunctionalCompetencies:Reporting
1.4-2Whichofthefollowingisaninventoryaccountforamerchandisecompany?
A)Workinprocessinventory
B)Manufacturingoverheadinventory
C)Merchandiseinventory
D)Finishedgoodsinventory
Answer:C
Difficulty:1
LO:1-4
EOCRefEl-18
AACSB:ReflectiveThinking
AICPABusinessPerspectiveCompetencies:CriticalThinking
AICPAFunctionalCompetencies:Reporting
1.4-3Whichofthefollowingcostswouldappearontheincomestatementsforbothamerchandiseranda
manufacturer?
A)Directlaborincurred
B)Costofgoodsmanufactured
C)Directmaterialsused
D)Operatingexpenses
Answer:D
Difficulty:I
LO:1-4
EOCRefEl-18
AACSB:ReflectiveThinking
AICPABusinessPerspectiveCompetencies:CriticalThinking
AICPAFunctionalCompetencies:Reporting
1.4-4Amerchandiser'spurchasesareequivalenttowhatforamanufacturer?
A)Materialsinventory
B)Costofgoodsmanufactured
C)Workinprocessinventory
D)Costofgoodssold
Answer:B
Difficulty:1
LO:1-4
EOCRefEl-18
AACSB:ReflectiveThinking
AICPABusinessPerspectiveCompetencies:CriticalThinking
AICPAFunctionalCompetencies:Reporting
1.4-5ThefollowinginformationpertainstoBrightToyCompany'soperatingactivitiesfor2009.Thecompany
sellslightboxtoysandsold10,000unitsin2009.
Purchases$126,000
SellingandAdministrativeExpenses90,000
Merchandiseinventory,1/1/200914,000
Merchandiseinventory,12/31/200910,000
SalesRevenue250,000
Whatisthecostofgoodsavailableforsalefor2009?
A)$140,000
B)$126,000
C)$104,000
D)$130,000
Answer:A
Difficulty:2
LO:1-4
EOCRefSI-5
AACSB:AnalyticSkills
AICPABusinessPerspectiveCompetencies:CriticalThinking
AICPAFunctionalCompetencies:Measurement,Reporting
1.4-6ThefollowinginformationpertainstoBrightToyCompany'soperatingactivitiesfor2009.Thecompany
sellslightboxtoysandsold10,000unitsin2009.
Purchases$126,000
SellingandAdministrativeExpenses90,000
Merchandiseinventory,1/1/200914,000
Merchandiseinventory,12/31/200910,000
SalesRevenue250,000
Whatisthecostofgoodssoldfor2009?
A)$104,000
B)$124,000
C)$130,000
D)$140,000
Answer:C
Difficulty:2
LO:1-4
EOCRefSI-5
AACSB:AnalyticSkills
AICPABusinessPerspectiveCompetencies:CriticalThinking
AICPAFunctionalCompetencies:Measurement,Reporting
1.4-7ThefollowinginformationpertainstoBrightToyCompany*soperatingactivitiesfor2009.Thecompany
sellslightboxtoysandsold10,000unitsin2009.
Purchases$126,000
SellingandAdministrativeExpenses90,000
Merchandiseinventory,1/1/200914,000
Merchandiseinventory,12/31/200910,000
SalesRevenue250,000
Whatisthegrossprofitfor2009?
A)$120,000
B)$130,000
C)$140,000
D)$136,000
Answer:A
Difficulty:2
LO:1-4
EOCRefSI-5
AACSB:AnalyticSkills
AICPABusinessPerspectiveCompetencies:CriticalThinking
AICPAFunctionalCompetencies:Measurement,Reporting
1.4-8ThefollowinginformationpertainstoBrightToyCompany'soperatingactivitiesfor2009.Thecompany
sellslightboxtoysandsold10,000unitsin2009.
Purchases$126,000
SellingandAdministrativeExpenses90,000
Merchandiseinventory,1/1/200914,000
Merchandiseinventory,12/31/200910,000
SalesRevenue250,000
Whatistheoperatingincomefor2009?
A)$250,000
B)$140,000
C)$30,000
D)$90,000
Answer:C
Difficulty:2
LO:1-4
EOCRefSI-6
AACSB:AnalyticSkills
AICPABusinessPerspectiveCompetencies:CriticalThinking
AICPAFunctionalCompetencies:Measurement,Reporting
1.4-9ThefollowinginformationpertainstoBrightToyCompany'soperatingactivitiesfor2009.Thecompany
sellslightboxtoysandsold10,000unitsin2009.
Purchases$126,000
SellingandAdministrativeExpenses90,000
Merchandiseinventory,1/1/200914,000
Merchandiseinventory,12/31/200910,000
SalesRevenue250,000
Whatistheprofitmarginpercentage?
A)12%
B)56%
C)100%
D)36%
Answer:A
Difficulty:2
LO:1-4
EOCRefSI-6
AACSB:AnalyticSkills
AICPABusinessPerspectiveCompetencies:CriticalThinking
AICPAFunctionalCompetencies:Measurement,Reporting
1.4-10ThefollowinginformationpertainstoBrightToyCompany'soperatingactivitiesfor2009.Thecompany
sellslightboxtoysandsold10,000unitsin2009.
Purchases$126,000
SellingandAdministrativeExpenses90,000
Merchandiseinventory,1/1/200914,000
Merchandiseinventory,12/31/200910,000
SalesRevenue250,000
Whatisthegrossprofitpercentage?
A)48%
B)56%
C)36%
D)100%
Answer:A
Difficulty:2
LO:1-4
EOCRefSI-6
AACSB:AnalyticSkills
AICPABusinessPerspectiveCompetencies:CriticalThinking
AICPAFunctionalCompetencies:Measurement,Reporting
1.4-11ThefollowinginformationpertainstoBrightToyCompany*soperatingactivitiesfor2009.Thecompany
sellslightboxtoysandsold10,000unitsin2009.
Purchases$126,000
SellingandAdministrativeExpenses90,000
Merchandiseinventory,1/1/200914,000
Merchandiseinventory,12/31/200910,000
SalesRevenue250,000
Whatisthecostperlightboxsoldin2009?
A)$13.00
B)$12.40
C)$14.00
D)$10.40
Answer:A
Difficulty:2
LO:1-4
EOCRefSI-6
AACSB:AnalyticSkills
AICPABusinessPerspectiveCompetencies:CriticalThinking
AICPAFunctionalCompetencies:Measurement,Reporting
1.5-1GAAPrequirescompaniestotreatproductcostssuchasfactoryoverheadasanassetuntiltheproductis
sold.
Answer:True
Difficulty:2
LO:1-5
EOCRefSI-7
AACSB:ReflectiveThinking
AICPABusinessPerspectiveCompetencies:CriticalThinking
AICPAFunctionalCompetencies:Reporting
1.5-2Costofgoodsmanufacturedincludesdirectmaterials,directlabor,andmanufacturingoverhead.
Answer:True
Difficulty:2
LO:1-5
EOCRefSI-8
AACSB:ReflectiveThinking
AICPABusinessPerspectiveCompetencies:CriticalThinking
AICPAFunctionalCompetencies:Reporting
1.5-3Manufacturingoverheadincludesallmanufacturingcostssuchasdirectlaboranddirectmaterials.
Answer:False
Difficulty:2
LO:1-5
EOCRefSl-10
AACSB:ReflectiveThinking
AICPABusinessPerspectiveCompetencies:CriticalThinking
AICPAFunctionalCompetencies:Reporting
1.5-4Manufacturingoverheadincludesindirectcostssuchasinsuranceanddepreciationonthefactory
building.
Answer:True
Difficulty:2
LO:1-5
EOCRefSl-10
AACSB:ReflectiveThinking
AICPABusinessPerspectiveCompetencies:CriticalThinking
AICPAFunctionalCompetencies:Reporting
1.5-5Amanufacturer^inventoryconsistsofrawmaterials,workinprocess,andfinishedgoods.
Answer:True
Difficulty:2
LO:1-5
EOCRefSl-11
AACSB:ReflectiveThinking
AICPABusinessPerspectiveCompetencies:CriticalThinking
AICPAFunctionalCompetencies:Reporting
1.5-6Anincreaseinfinishedgoodsinventoryimpliesthatcostofgoodssoldwasgreaterthancostofgoods
manufactured.
Answer:False
Difficulty:2
LO:1-5
EOCRefSl-11
AACSB:ReflectiveThinking
AICPABusinessPerspectiveCompetencies:CriticalThinking
AICPAFunctionalCompetencies:Reporting
1.5-7Sellingandadministrativeexpensesaresubtractedfromcostofgoodssoldtoobtainoperatingincome.
Answer:True
Difficulty:1
LO:1-5
EOCRefSl-11
AACSB:ReflectiveThinking
AICPABusinessPerspectiveCompetencies:CriticalThinking
AICPAFunctionalCompetencies:Reporting
1.5-8Anincreaseintheworkinprocessaccountduringtheyearmeansthatcostofgoodsmanufacturedwas
greaterthanthemanufacturingcostsincurredduringtheyear.
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