Examlex
Fill in the blank with one of the words or phrases listed below. Not all choices will be used.
-The expressions and are called_______
Financial Statements
Reports that summarize the financial performance and condition of a company, including the balance sheet, income statement, and cash flow statement.
Average cost
The total cost of goods divided by the number of goods, used in inventory valuation and determining profit margins.
Periodic inventory system
A periodic inventory system is a method of inventory valuation where the inventory is updated and cost of goods sold is calculated at the end of a specific accounting period.
Ending inventory
The total value of all the goods still available for sale at the end of an accounting period.
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