Match the Terms with the Definitions

question 39

Multiple Choice

Match the terms with the definitions.
-Under this system, the ending inventory and cost of goods sold are determined at the end of the accounting period, when a physical inventory is taken.

• A)average cost
• B)weighted-average method
• C)consignee
• D)consigned goods
• E)specific identification method
• F)retail method
• G)cost
• H)physical inventory
• I)periodic inventory system
• J)in transit
• K)inventory sheet
• L)natural business year
• M)lower-of-cost-or-market method

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Definitions:

Lesser Omentum

A double layer of peritoneum that extends from the liver to the lesser curvature of the stomach and the beginning of the duodenum, involved in the formation of the stomach and duodenal pouch.

Stomach

A hollow organ in the gastrointestinal tract that secretes acid and enzymes for food digestion.

Liver

A large, vital organ in the body that performs numerous functions including detoxification, protein synthesis, and the production of biochemicals necessary for digestion.

Liver

A large, vital organ in vertebrates that performs a wide range of functions, including detoxification, protein synthesis, and production of biochemicals necessary for digestion.