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​Matching -Oral Presentation in a Conversation with One or More Prospective

question 39

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​Matching
-oral presentation in a conversation with one or more prospective purchasers for the purpose of making sales or building goodwill


Definitions:

FIFO Costing

FIFO Costing, or First-In, First-Out costing, is an inventory valuation method where goods first purchased or produced are the first ones sold.

Pretax Income

The amount of income earned by a business before taxes have been deducted, also known as earnings before taxes (EBT).

Inventory Amounts

The price of items that are up for sale at the termination of a bookkeeping period.

Audit

An examination of the financial reports to ensure that they represent what they claim and conform with generally accepted accounting principles.

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