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Instructions: Identify the following. Be as specific as possible, and include names, dates, and relevant facts as appropriate. Be sure to explain the significance of the person or term.
Consensus and Conservatism
Perpetual Inventory System
An approach to inventory management where updates are made continuously as inventory items are bought and sold.
Cost of Merchandise Sold
The total expense incurred to acquire goods that have been sold during a certain period.
Periodic Inventory System
An accounting method where inventory is physically counted at specific intervals, typically at the end of an accounting period, to determine the cost of goods sold and ending inventory.
Perpetual Inventory System
An inventory accounting method where transactions are recorded on the spot with the help of computerized point-of-sale systems and enterprise asset management tools.
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