Match Each Definition with the Correct Term Below

question 159

Multiple Choice

Match each definition with the correct term below.
-Perpetual inventory system

• A)An inventory system in which the inventory not yet sold or on hand is counted periodically.
• B)Management's regular assessment of the quality of internal control.
• C)An account that accumulates the total cost of merchandise purchased for resale during an accounting period.
• D)The policies and procedures that management puts into place to see that its directives are carried out.
• E)The seller bears the transportation costs to the place where merchandise is delivered and title passes at the time it is delivered.
• F)An inventory system in which continuous records are kept of the quantity and cost of individual items as they are bought and sold.
• G)The total cost of merchandise that could be sold in an accounting period.
• H)The buyer bears the shipping costs of merchandise and title passes at the time it is shipped.
• I)An account that gives management a readily available measure of unsatisfactory products and dissatisfied customers.
• J)Controls that limit access to assets.

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Definitions:

George Orwell

An English novelist, essayist, journalist, and critic, best known for his dystopian novel "1984" and the allegorical novella "Animal Farm."

Free Thought

The philosophy that opinions should be formed on the basis of logic, reason, and empiricism, rather than authority, tradition, or dogma.

Rhetorical Device

A technique used in writing or speaking to persuade, influence, or please an audience.

Sarcasm

The use of ridicule, insults, taunting, and/or caustic irony.