Match the Most Appropriate Term to the Definition

question 32

Multiple Choice

Match the most appropriate term to the definition.
-Legal cause of action to retrieve property wrongfully held by another

• A)adverse possession
• B)statute of frauds
• C)joint tenancy
• D)easement
• E)remainder
• F)mislaid property
• G)habitability
• H)tenancy in common
• I)abandoned property
• J)mutual benefit bailment
• K)gratuitous bailment
• L)life estate
• M)condominiums
• N)replevin
• O)nonfreehold estate
• P)fixture
• Q)fee simple
• R)undivided interest
• S)due care
• T)lost

---

Definitions:

FIFO

An inventory valuation method known as "First-In, First-Out," where goods purchased or produced first are sold or used first.

Perpetual Inventory System

An inventory management method where inventory levels are updated in real-time following each sale or purchase transaction.

Net Income Manipulation

The practice of using accounting tricks to make a company's financial performance appear better than it actually is.

Average Cost Formula

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