__________Consist of the Named Class, Fields in the Class, and Actions

question 42

Essay

__________consist of the named class, fields in the class, and actions that act upon the class.

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Definitions:

Perpetual Inventory System

A method of accounting for inventory that continuously updates inventory records after each purchase or sale.

FIFO Periodic Inventory Method

The first-in, first-out (FIFO) periodic inventory method assumes that goods sold are those that were added to the inventory earliest, calculated periodically at the end of a reporting period.

Ending Inventory

Goods' valuation ready for trading at the end of a bookkeeping period.

FOB Shipping Point

A term that indicates the buyer takes responsibility for goods once they are shipped, and the point of departure marks the transfer.