Most Filing Systems Are Based Directly or Indirectly on A(n)_____

question 6

Multiple Choice

Most filing systems are based directly or indirectly on a(n) _____ arrangement.

• A) chronologic
• B) alphabetical
• C) geographic
• D) subject

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Definitions:

Net Markups

The overall increase in the selling price of goods, net of any reductions or markdowns, calculated over the cost price.

Ending Inventory

The total value of all inventory in stock at the end of an accounting period, calculated using the cost of goods sold formula.

FIFO Retail Inventory Method

An inventory valuation method which assumes that items purchased or produced first are sold first, thereby computing inventory based on the most recent prices.

Ending Inventory

The value of goods available for sale at the end of an accounting period, calculated as beginning inventory plus purchases minus cost of goods sold.