Match the Following Terms with the Appropriate Definition

question 223

Multiple Choice

Match the following terms with the appropriate definition.
-The principle that aims to select the less optimistic estimate when two or more estimates are about equally likely.

• A)Gross profit method
• B)Inventory turnover
• C)Conservatism principle
• D)Consistency concept
• E)Consignor
• F)Consignee
• G)Days' sales in inventory
• H)Retail inventory method
• I)Specific identification method
• J)Lower of cost or market

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Definitions:

Records

Documents or electronic files that preserve information or data for reference or analysis.

Numeric Systems

A method or standard for expressing numbers, relying on a specific base, such as decimal, binary, or hexadecimal.

Filing Systems

An organizational method used to store and manage information in various formats, including digital or physical documents.

Indexing Rules

Rules used as guidelines for the sequencing of files based on current business practice.