Berton Transfers a Draft by Signing It and Delivering It

question 40

Multiple Choice

Berton transfers a draft by signing it and delivering it to Cormac. Berton is​

• A) ​an indorser.
• B) ​an indorsee.
• C) ​a drafter.
• D) ​a promisor.

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Definitions:

FIFO

First-In, First-Out, an inventory valuation method where goods produced or acquired first are sold, used, or disposed of first.

Merchandise inventory

The goods and products that a retailer, wholesaler, or distributor has in stock and available for sale to customers.

Ending cost

This is likely intended to refer to the ending inventory cost, which is the value of goods available for sale at the end of an accounting period.

FIFO

First In, First Out; an inventory valuation method where the oldest inventory items are recorded as sold first.