Match the Terms with the Definitions

question 73

Multiple Choice

Match the terms with the definitions.
-A method of allocating merchandise cost in which each unit of inventory is recognized at its purchase price.

• 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:

Ordinal Data

Ordinal data is a type of categorical data with a set order or scale, but without a standardized difference between the categories, such as rankings or levels of satisfaction.

Ordered

Arranged or organized in a sequence according to some specific rule or set of rules.

Ranked

The process or result of ordering or classifying entities based on criteria or measurements to establish a hierarchy or priority.

Interval Data

A type of numerical data that contains meaningful distances between measurements, but no true zero point.