Match Each Numbered Entry with the Most Relevant Lettered Entry

question 33

Multiple Choice

Match each numbered entry with the most relevant lettered entry below
-takes effect while donor is alive

• A)in loco parentis
• B)CASA
• C)necessaries
• D)inter vivos
• E)dependency
• F)safe-haven law
• G)probable cause
• H)summary seizure
• I)estate
• J)good faith

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Definitions:

FIFO Costing

An inventory valuation method stating that the oldest inventory items are sold first, with costs of the oldest items being used to calculate profit.

Ending Inventory

The value of goods available for sale at the end of an accounting period.

LIFO Reserve

The difference between the cost of inventory calculated using the Last-In, First-Out method and the First-In, First-Out method.

FIFO Inventory Costs

An accounting method where the oldest inventory items are recorded as sold first.