The Two Inventory Costing Systems Used Are the ______________ and ______________

question 22

Short Answer

The two inventory costing systems used are the ______________ and ______________.

---

Definitions:

Capital Expenditure

Funds used by a company to acquire or upgrade physical assets such as property, industrial buildings, or equipment to improve its long-term service potential.

Repairs Expense

Costs incurred in the maintenance of assets to keep them in their original condition, without adding to their value or extending their life.

Maintenance Expense

Costs incurred to keep property, equipment, or assets in efficient operating condition.

Par Value

A nominal value assigned to a security or share, representing its minimum stated value.