All of the Following Are Nontransaction Deposits EXCEPT

question 109

Multiple Choice

All of the following are nontransaction deposits EXCEPT

• A)savings accounts.
• B)small-denomination time deposits.
• C)checkable deposits.
• D)certificates of deposit.

---

Definitions:

Cost of Merchandise Sold

The direct costs tied to the production of goods sold by a company, including the cost of the materials and labor.

Ending Inventory

Ending inventory is the total value of goods available for sale at the end of an accounting period, calculated as beginning inventory plus purchases minus cost of goods sold.

Oldest Purchases

This refers to the oldest inventory items purchased first, often related to the first-in, first-out (FIFO) inventory management method.

Specific Identification

A method of inventory costing that identifies and assigns the actual cost to each individual item of inventory.