Listed Below Are 10 Terms, Followed by a List of Phrases

question 5

Multiple Choice

Listed below are 10 terms, followed by a list of phrases that describe or characterize the terms. Match each phrase with the correct term.
-Dollar-value LIFO

• A)Goods are transferred to another company but title remains with transferor.
• B)Items sold are those acquired first.
• C)Items sold are those acquired last.
• D)Inventory is viewed as a quantity of value.
• E)Legal title passes when goods arrive at customer location.
• F)Items sold come from a mixture of goods acquired during the period.
• G)Continuously records changes in inventory.
• H)Legal title passes when goods are delivered to common carrier.
• I)Adjusts inventory at the end of the period.
• J)If LIFO is used for income tax purposes, it must be used for financial reporting.

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Definitions:

Mechanic's Lien

A security interest in the title to property for the benefit of those who have supplied labor or materials that improve the property.

Artisan's Lien

A legal claim granted to craftsmen or laborers on property they have worked on or materials they have supplied, to ensure payment for their services.

Property

Assets or possessions owned by an individual or entity, encompassing both tangible and intangible goods.

Mechanic's Lien

A legal claim against a property by a contractor or worker, for unpaid labor or materials provided for the property's improvement.