Match the Terms with the Definitions

question 63

Multiple Choice

Match the terms with the definitions.
-The accounting practice that states that we should never anticipate gains, but always anticipate and account for losses.

• A)average cost
• B)conservatism
• C)perpetual inventory system
• D)market value
• E)consignor
• F)consistency
• G)cost
• H)first-in, first-out method
• I)gross profit method
• J)last-in, first-out method
• K)inventory sheet

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Definitions:

Choice-Of-Law

A contractual clause that specifies which jurisdiction's laws will govern in the interpretation and dispute resolution of a contract.

Forum-Selection

A clause in a contract that designates the specific court, jurisdiction, or venue where disputes arising under the contract will be resolved.

Choice-Of-Language

A contractual provision specifying the language to be used in interpreting the terms of the contract.

Standard Of Care

The degree of attention, caution, and prudence that a reasonable person should exercise in a particular situation.