Actually Counting the Goods on Hand at the End of the Accounting

question 7

Multiple Choice

Actually counting the goods on hand at the end of the accounting period and determining the cost of these goods by reviewing the accounting records is called

• A) the cost of goods sold.
• B) the physical inventory.
• C) freight-in.
• D) accumulated depreciation.

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Definitions:

Financial Ratio

A quantifiable metric comparing two relevant numbers from a company's financial statements, used to assess its financial health.

Inputs and Outcomes

The resources invested in a process (inputs) and the results yielded from that process (outcomes), used to evaluate efficiency and effectiveness.

Logic Model

A systematic and visual representation of how a program or project is intended to work, including its inputs, outputs, and outcomes.

Systems Theory Model

An interdisciplinary theory about the nature of complex systems in nature, society, and science, suggesting components interact within a system to fulfill its purpose.