Which One of the Following Documents Must Be Signed by the Person

question 88

Multiple Choice

Which one of the following documents must be signed by the person authorized to write checks drawn on a checking account at a bank?

• A)a signature card
• B)a bank statement
• C)a deposit ticket
• D)a bank reconciliation

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Definitions:

Perpetual LIFO

Perpetual LIFO, or Last-In, First-Out, is an inventory accounting method continuously updating inventory and costs of goods sold by assuming the last items purchased are the first to be sold.

Ending Inventory

The worth of products ready for purchase at the conclusion of a financial period.

Cost Flow Assumption

A method adopted by businesses to value inventory and determine the cost of goods sold, such as FIFO (First In, First Out) or LIFO (Last In, First Out).

FIFO

"First In, First Out," an inventory valuation method assuming that the first items purchased are the first ones sold, affecting the cost of goods sold and ending inventory value.