For Each Statement Provided, Choose the Letter of the Appropriate

question 172

Multiple Choice

For each statement provided, choose the letter of the appropriate term from the list that each statement best describes.Some terms may be used more than once, while others are not used at all.
-A category on the balance sheet to indicate the owners' direct investment in a corporation.

• A)Capital stock
• B)Asset
• C)Owners' equity
• D)Time period
• E)Dividends
• F)Economic entity concept
• G)Expense
• H)Retained earnings
• I)Cost principle
• J)Creditor
• K)Liability
• L)Revenue
• M)Going concern
• N)Monetary unit
• O)Corporation

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Definitions:

Average Cost Methods

The average cost method is an inventory costing method where all costs of inventory are averaged out and applied to the cost of goods sold and ending inventory.

Security Measures

Steps or protocols implemented to protect assets, information, and people from theft, damage, and unauthorized access.

Safeguard Inventory

Strategies and measures implemented by a business to protect its inventory from theft, damage, and other losses to ensure accurate stock levels and financial records.

Inventory Control

The management of inventory to ensure the right quantity of supplies for operation without excess, thus minimizing costs.