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

question 64

Multiple Choice

Match each description to the appropriate cost flow assumption (a-c) .
-Assigns the same value to all inventory units

• A)FIFO
• B)LIFO
• C)Weighted average

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Definitions:

Closing Entries

Journal entries made at the end of an accounting period to transfer the balances of temporary accounts to permanent ones, thereby preparing the temporary accounts for the next accounting period.

Journalize

The act of recording transactions in a company's journal, which is the first step in the accounting cycle.

End-of-Period Spreadsheets

Financial spreadsheets compiled at the end of an accounting period to summarize the financial status and operations of a business.

Accounting Records

Documentation and books kept for the purpose of tracking all financial transactions, assets, liabilities, and equity of a business.