Match the Terms with the Descriptions Provided

question 223

Multiple Choice

Match the terms with the descriptions provided.
-Under the perpetual inventory system, a reduction in the inventory account balance not caused by a sale or return.

• A)Consignment
• B)Discount period
• C)Inventory
• D)LIFO Reserve
• E)Lower of cost or market rule
• F)Purchase allowance
• G)Purchase discounts
• H)Purchase returns
• I)Purchases

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Definitions:

Mens Rea

A legal principle referring to the intent or knowledge of wrongdoing that constitutes part of a crime, as opposed to the action itself.

Latin

An Indo-European language of the Italic branch originally spoken by the Latins in Latium and Ancient Rome.

Ad Hominem

A fallacy in argumentation where the argument is directed against a person’s character rather than the position they are maintaining.

Certiorari

A writ by which a higher court reviews the decision of a lower court, often used in the context of the United States Supreme Court.