Below Is a List of Key Terms

question 63

Essay

Below is a list of key terms.
______ 1) Bill and hold sale ______ 6) Periodic Inventory
______ 2) Consigned Goods _____ 7) Perpetual Inventory
______ 3) Finished Goods Inventory ______ 8) Purchase obligation
______ 4) FOB Destination ______ 9) Raw Materials Inventory
______ 5) FOB Shipping Point ______ 10) Work-in-Process Inventory
Required:
Match each key term with its appropriate definition.
a) Includes direct labor, raw materials, and manufacturing overhead.
b) Buyer recognizes purchase of inventory at shipment.
c) The requested goods will be delivered to the buyer at a later date.
d) Not recognized in inventory until delivered.
e) A temporary account is used to record purchases.
f) Goods ready for sale.
g) Buyer recognizes purchase of inventory at destination.
h) Purchases are recorded in an inventory account.
i) A third party acts as a sales agent for another company's goods.
j) Tangible goods used in production.

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Definitions:

Exocytosis

A process by which cells release substances to the external environment by vesicles fusing with the plasma membrane.

Secretory Vesicles

Membrane-bound vesicles containing substances that are to be secreted or transported out of the cell.

Plasma Membrane

The biological membrane that separates the interior of all cells from the outside environment, regulating the passage of substances in and out of cells.

Receptor-Mediated Endocytosis

A process by which cells internalize molecules (e.g., hormones, nutrients) by the inward budding of plasma membrane vesicles containing proteins with receptor sites specific to the molecules being internalized.