Match the Terms with the Descriptions Provided

question 204

Multiple Choice

Match the terms with the descriptions provided.
-The amount that the inventory would increase or decrease if the company had used FIFO instead of LIFO.

• A)Consignment
• B)Discount period
• C)Inventory
• D)LIFO Reserve
• E)Lower of cost or market rule
• F)Purchase allowance
• G)Purchase discounts
• H)Purchase returns
• I)Purchases

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Definitions:

Capitalism

An economic system characterized by private or corporate ownership of capital goods, by investments that are determined by private decision, and by prices, production, and the distribution of goods that are determined mainly by competition in a free market.

Species Diversity

The number of species that exist in an ecosystem.

Geographic Area

A specific portion of the Earth's surface defined by natural or artificial boundaries.

Deep Ecologists

Advocates of deep ecology, a perspective that argues for the inherent worth of all living beings regardless of their instrumental utility to human needs.