Directions: Indicate Whether Italics or Quotation Marks Are Appropriate for the Underlined

question 5

Multiple Choice

Directions: Indicate whether italics or quotation marks are appropriate for the underlined words and phrases in the following sentences. ​ The speaker was getting all of her information from The New York Times .

• A)italics
• B)quotation marks
• C)neither

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Definitions:

Perpetual Inventory Account

An accounting method that records inventory purchases and sales in real time, providing a continuously updated inventory balance.

FIFO

"First In, First Out", an inventory valuation method where the costs of the oldest inventory items are the first to be recognized in determining cost of goods sold.

LIFO

"Last In, First Out," an inventory valuation method where the last items added to inventory are the first ones to be used or sold.

Lower-Of-Cost

An accounting method that values inventory at the lower of its historical cost or current market value.