The Suffix -Ism Is Defined as

question 15

Multiple Choice

The suffix -ism is defined as

• A)pertaining to.
• B)state of.
• C)resembling.
• D)without.

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Definitions:

First-In, First-Out Method

An inventory valuation method where the oldest inventory items are recorded as sold first, potentially affecting cost of goods sold and ending inventory valuation.

Shaping Department

A division in a manufacturing process that focuses on altering raw materials into desired shapes or forms required for the final product.

First-In, First-Out Method

An accounting method where the costs of the earliest goods purchased or produced are the first to be expensed.

Equivalent Units

A concept in cost accounting used to apportion costs to units of production in processes where the product is not completed at the end of a period.