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Match the term with its definition. ^ Average Cost Method Dollar-Value LIFO First-In, First-Out Method FO.B. Destination Title to goods in tasit pass, [Choose ] Time Elapsed: Hide Time Attempt due: Apr 7 at 11:59pm 15 Hours, 27 Minutes, 42 Seconds Assets that a company holds for sale in the ordinary course of business or will use or consume in the production of goods to be sold. Correct Answer An inventory costing method that records the purchase of all inventory in a "Purchases" account. Requires numerous calculations to arrive at cost of goods sold. Correct Answ An inventory costing method that requires the "Inentory" account to be an active account. Provides a continuous record of the balances in both the Inventory and the Cost of Title to goods in transit pass, and are recorded on the buyers books, when the goods leave the seller's place of business. Buyer is responsible for the freight costs. Correct Ans A cost flow assumption that assumes cost of goods sold consists of the most recent purchases. Correct Answer A cost flow assumption that calculates the cost of ending inventory by dividing total cost of goods available for sale by the total units available for sale. Correct Answer A cost flow assumption that assumes the ending inventory consists of the most recent purchases. Correct Answer An inventory costing method that ignores the physical quantity of goods but measures increases and decreases in an inventory pool in terms of total dollar value. Correct Ans Occurs when inventory layers start to erode due to a company selling more inventory then they are buying. Can cause distortion of net income and large tax payments. Corre Title to goods in transit pass, and are recorded on the buyers books, when the customer receives the goods. Seller is responsible for the freight costs. Correct Answer Last-In, First-Out Method F.O.B. Shipping LIFO Liquidation [Choose ] Choose ] Choose J Periodic Inventory System Choose Perpetual Inventory System Choose Inventories Choose

Match the term with its definition. ^ Average Cost Method Dollar-Value LIFO First-In, First-Out Method FO.B. Destination Title to goods in tasit pass, [Choose ] Time Elapsed: Hide Time Attempt due: Apr 7 at 11:59pm 15 Hours, 27 Minutes, 42 Seconds Assets that a company holds for sale in the ordinary course of business or will use or consume in the production of goods to be sold. Correct Answer An inventory costing method that records the purchase of all inventory in a "Purchases" account. Requires numerous calculations to arrive at cost of goods sold. Correct Answ An inventory costing method that requires the "Inentory" account to be an active account. Provides a continuous record of the balances in both the Inventory and the Cost of Title to goods in transit pass, and are recorded on the buyers books, when the goods leave the seller's place of business. Buyer is responsible for the freight costs. Correct Ans A cost flow assumption that assumes cost of goods sold consists of the most recent purchases. Correct Answer A cost flow assumption that calculates the cost of ending inventory by dividing total cost of goods available for sale by the total units available for sale. Correct Answer A cost flow assumption that assumes the ending inventory consists of the most recent purchases. Correct Answer An inventory costing method that ignores the physical quantity of goods but measures increases and decreases in an inventory pool in terms of total dollar value. Correct Ans Occurs when inventory layers start to erode due to a company selling more inventory then they are buying. Can cause distortion of net income and large tax payments. Corre Title to goods in transit pass, and are recorded on the buyers books, when the customer receives the goods. Seller is responsible for the freight costs. Correct Answer Last-In, First-Out Method F.O.B. Shipping LIFO Liquidation [Choose ] Choose ] Choose J Periodic Inventory System Choose Perpetual Inventory System Choose Inventories Choose

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Match the term with its definition. ^ Average Cost Method Dollar-Value LIFO First-In, First-Out Method FO.B. Destination Title to goods in tasit pass, [Choose ] Time Elapsed: Hide Time Attempt due: Apr 7 at 11:59pm 15 Hours, 27 Minutes, 42 Seconds Assets that a company holds for sale in the ordinary course of business or will use or consume in the production of goods to be sold. Correct Answer An inventory costing method that records the purchase of all inventory in a "Purchases" account. Requires numerous calculations to arrive at cost of goods sold. Correct Answ An inventory costing method that requires the "Inentory" account to be an active account. Provides a continuous record of the balances in both the Inventory and the Cost of Title to goods in transit pass, and are recorded on the buyers books, when the goods leave the seller's place of business. Buyer is responsible for the freight costs. Correct Ans A cost flow assumption that assumes cost of goods sold consists of the most recent purchases. Correct Answer A cost flow assumption that calculates the cost of ending inventory by dividing total cost of goods available for sale by the total units available for sale. Correct Answer A cost flow assumption that assumes the ending inventory consists of the most recent purchases. Correct Answer An inventory costing method that ignores the physical quantity of goods but measures increases and decreases in an inventory pool in terms of total dollar value. Correct Ans Occurs when inventory layers start to erode due to a company selling more inventory then they are buying. Can cause distortion of net income and large tax payments. Corre Title to goods in transit pass, and are recorded on the buyers books, when the customer receives the goods. Seller is responsible for the freight costs. Correct Answer Last-In, First-Out Method F.O.B. Shipping LIFO Liquidation [Choose ] Choose ] Choose J Periodic Inventory System Choose Perpetual Inventory System Choose Inventories Choose
Transcribed Image Text:Match the term with its definition. ^ Average Cost Method Dollar-Value LIFO First-In, First-Out Method FO.B. Destination Title to goods in tasit pass, [Choose ] Time Elapsed: Hide Time Attempt due: Apr 7 at 11:59pm 15 Hours, 27 Minutes, 42 Seconds Assets that a company holds for sale in the ordinary course of business or will use or consume in the production of goods to be sold. Correct Answer An inventory costing method that records the purchase of all inventory in a "Purchases" account. Requires numerous calculations to arrive at cost of goods sold. Correct Answ An inventory costing method that requires the "Inentory" account to be an active account. Provides a continuous record of the balances in both the Inventory and the Cost of Title to goods in transit pass, and are recorded on the buyers books, when the goods leave the seller's place of business. Buyer is responsible for the freight costs. Correct Ans A cost flow assumption that assumes cost of goods sold consists of the most recent purchases. Correct Answer A cost flow assumption that calculates the cost of ending inventory by dividing total cost of goods available for sale by the total units available for sale. Correct Answer A cost flow assumption that assumes the ending inventory consists of the most recent purchases. Correct Answer An inventory costing method that ignores the physical quantity of goods but measures increases and decreases in an inventory pool in terms of total dollar value. Correct Ans Occurs when inventory layers start to erode due to a company selling more inventory then they are buying. Can cause distortion of net income and large tax payments. Corre Title to goods in transit pass, and are recorded on the buyers books, when the customer receives the goods. Seller is responsible for the freight costs. Correct Answer Last-In, First-Out Method F.O.B. Shipping LIFO Liquidation [Choose ] Choose ] Choose J Periodic Inventory System Choose Perpetual Inventory System Choose Inventories Choose
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