The Fact That It Is Easier to Recall Items at the Beginning

question 113

Multiple Choice

The fact that it is easier to recall items at the beginning and end of a list of unrelated items is known as the __________

• A) phi phenomenon.
• B) implicit memory effect.
• C) serial position effect.
• D) sequestering effect.

---

Definitions:

Periodic system

An inventory accounting system that updates inventory balance and cost of goods sold at the end of an accounting period.

Ending inventory

The total value or quantity of goods on hand at the end of an accounting period.

LIFO method

An inventory cost-flow assumption where the last items purchased or produced are the first to be expensed as sold, opposite of FIFO.

Cost of merchandise sold

The total expense incurred to produce or purchase the goods sold by a company during a specific period.