Match the Terms with the Definitions

question 31

Multiple Choice

Match the terms with the definitions.
-Under this system, cost of goods sold and the amount of merchandise inventory on hand are updated when merchandise is bought and sold.

• 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:

Rank Ordering

The process of organizing items or individuals based on their performance, preference, or priority in a hierarchical list.

Base Compensation

The initial rate of pay provided to an employee, not including additional benefits, bonuses, or incentives.

Fringe Benefits Programs

Packages offered by employers outside of regular salaries, including health insurance, retirement plans, and other perks.

Organization

A group of individuals working together in a structured and coordinated fashion to achieve a set of goals.