Instructions: Identify the Following Terms

question 47

Short Answer

Instructions: Identify the following terms.
Klemens von Metternich and the "principle of legitimacy"

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Definitions:

Periodic Inventory System

An inventory accounting system where the inventory level is updated and the cost of goods sold is calculated at the end of a period, rather than after each sale.

Purchases Account

An account used in accounting to record the total cost of goods bought for resale during an accounting period.

Freight In

The cost of transporting goods into a business, usually included in the cost of inventory.