Key Terms Instructions: Please Define the Following Key Terms

question 10

Essay

Key Terms Instructions: Please define the following key terms. Show Who? What? Where? When? Why Important?
Angela Merkel

---

Definitions:

Inventory Costing Method

A system used to value inventory, including methods such as FIFO (First In, First Out), LIFO (Last In, First Out), and weighted average cost.

Fiscal Year End

The closing date of a 12-month accounting period upon which a company completes its annual financial reporting and determines net income.

Tax Effects

The impact of taxation on investment returns, business operations, or individual income.

Inventory Flow Assumptions

Accounting methods for determining the cost of inventory sold and remaining in stock, examples include FIFO (First In, First Out) and LIFO (Last In, First Out).