Match Each Description to the Appropriate Cost Flow Assumption (A-D)

question 131

Multiple Choice

Match each description to the appropriate cost flow assumption (a-d) .
-Cost flow is assumed to be in the reverse order of costs incurred.

• A)Weighted average
• B)First-in, first-out (FIFO)
• C)Last-in, first-out (LIFO)
• D)Specific identification

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Definitions:

Promissory Note

A written, legally binding promise to pay a specified sum of money to a designated party on demand or at a defined future date.

Negotiable

Capable of being transferred or modified through discussion or compromise.

Payment Date

The specific date on which a payment is due or is scheduled to be made, often related to financial transactions or obligations.

Presentment

The process of formally presenting a document, such as a check or bill of exchange, for acceptance or payment.