Match the Terms with the Descriptions Provided

question 129

Multiple Choice

Match the terms with the descriptions provided.
-in the periodic inventory system,the account used to record the cost of merchandise acquired for resale

• A)consignment
• B)discount period
• C)inventory
• D)LIFO reserve
• E)Lower of cost or net realizable value
• F)purchase allowance
• G)purchase discounts
• H)purchase returns
• I)purchases

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Definitions:

Production Cost Report

A document summarizing the production and cost activity within a company's manufacturing process for a specific period.

Job Order

A work authorization given to initiate a specific task or project, often associated with a job order cost system to accumulate its related costs.

Process

A series of actions or steps taken to achieve a particular end, often used within manufacturing, business strategy, or software development.

Job Order Cost System

An accounting system that tracks costs individually for each job and is often used by companies that produce custom products or jobs.