​Match the Term with the Correct Statement

question 21

Multiple Choice

​Match the term with the correct statement.
-​sac fungus

• A)​used to produce vaccines in labs
• B)​frog parasite
• C)​breaks down cellulose for grazing hoofed mammals
• D)​ringworm
• E)​black bread mold
• F)​possible medically supervised treatment for PTSD
• G)​edible fruiting body of club fungus
• H)​used to make LSD
• I)​infects flies and changes their behavior

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Definitions:

Ending Inventory

The sum total of goods for sale at the termination of an accounting cycle.

Periodic Method

An inventory accounting system where cost of goods sold is determined at the end of an accounting period, not upon sale.

Cost of Goods Sold

Financial expenditures directly associated with producing the merchandise a company sells, involving costs of materials and labor.

Adjusting Entry

A journal entry made at the end of an accounting period to allocate income and expenses to the period in which they actually occurred.