Choose the Word or Phrase in [ ] Which Will

question 60

Short Answer

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement.
-If your expenses exceed your income,the bottom line of your income/expense statement will show a [surplus | deficit].

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Definitions:

Inventory Turnover Ratio

A financial metric indicating the number of times a company sells and replaces its stock of goods during a certain period, used to assess the efficiency of inventory management.

FIFO

short for "First In, First Out," is an inventory valuation method where goods purchased or produced first are sold or used first.

Average Cost Formula

A method used in accounting to determine the cost of goods sold and ending inventory by calculating the average cost of all similar items in inventory.

Ending Inventory Valuation

The valuation of goods remaining unsold at the end of an accounting period.