Who Were the Fatimids

question 14

Multiple Choice

Who were the Fatimids?

• A) A series of Sunni rulers who deposed the Abbasid caliphs from their stronghold in Baghdad
• B) A group of Turks taken as slaves who rebelled against their masters and established a dynasty of their own in Egypt
• C) A group of prominent clerics who put forth legal pronouncements in Islam
• D) A group of Shi'ite rulers who established a dynasty in North Africa and Arabia that lasted for nearly two hundred years

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Definitions:

FIFO Method

An inventory valuation method where the first items placed in inventory are the first sold, standing for First-In, First-Out.

Average-Cost Method

An inventory valuation method that determines the cost of goods sold and ending inventory value by computing the average cost of all similar items.

Ending Inventory

The value of goods available for sale at the end of an accounting period, after accounting for purchases and sales.

Merchandise Inventory

Merchandise inventory refers to the goods available for sale to customers, which are considered current assets on a company's balance sheet.