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:

Explanation

The act of making something clear or understandable by describing the relevant facts or ideas.

Sweater

A knitted garment typically with long sleeves, worn over the upper body.

Explanandum

The phenomenon or event that is being explained in a scientific theory or investigation.

Explanation

Providing information or reasons to make something clear or understandable, often answering "why" or "how" questions.