The Suffix -Ectomy Means

question 114

Multiple Choice

The suffix -ectomy means

• A) removal.
• B) incision.
• C) creating an opening.
• D) inflammation.
• E) puncture.

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Definitions:

LIFO Cost Method

A method of inventory valuation where the last items added to the inventory are considered the first ones sold.

Gross Profit

Gross profit is the financial metric obtained by subtracting the cost of goods sold from sales revenue, representing the core profitability of a company's products or services.

FIFO

An inventory valuation method that assumes that the first items put into inventory are the first ones sold.

Beginning Inventory

The value of a company’s inventory at the start of an accounting period, carried over from the end of the previous period.