Match the Following Terms with the Appropriate Definition

question 140

Multiple Choice

Match the following terms with the appropriate definition.
-An estimate of days needed to convert the inventory available at the end of the period into receivables or cash.

• 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:

Good Y

A hypothetical or generic item used in economic examples or models to represent a type of product or service in the market.

Units

Basic quantities or measures adopted to quantify and express variables in a particular field or for specific goods.

Marginal Rate of Substitution

The rate at which a consumer is willing to give up one good in exchange for another good, while maintaining the same level of utility.

Good Y

A generic term used to denote a particular good or product in economic models.