Match the Function with the Most Appropriate Category

question 49

Multiple Choice

Match the function with the most appropriate category.
-determining blood chemistry

• A)agglutination
• B)coagulation
• C)immune function
• D)blood Grouping
• E)diagnostic Blood Test
• ,

Estimate inventory cost using the gross profit method.

Distinguish between FOB shipping point and FOB destination and its impact on inventory valuation.

Analyze the effects of consigned goods on inventory accounts.

Understand how merchandise returns from customers are recorded in accounting.

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Definitions:

Perpetual Inventory System

An approach in accounting where the transaction of buying or selling inventory is instantly documented through computerized point-of-sale systems and software for enterprise asset management.

Credit Memo

A document issued by a seller to a buyer, reducing the amount owed by the buyer under specified circumstances, like returns or discounts.

Closing Entries

Journal entries made at the end of an accounting period to transfer the balances of temporary accounts to permanent accounts, thereby preparing the books for the next period.

Owner's Drawings

The amount of money taken from the business by the owner for personal use, not considered a business expense.