Match Each of the Following Terms with the Appropriate Definition

question 257

Multiple Choice

Match each of the following terms with the appropriate definition.
-The expected sales price of an item minus the cost of making the sale.

• A)Conservatism constraint
• B)Inventory turnover
• C)Net realizable value
• D)Retail inventory method
• E)Days' sales in inventory
• F)Weighted average inventory method
• G)Interim statements
• H)LIFO method
• I)FIFO method
• J)Specific identification method

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Definitions:

Cost Drivers

Factors that cause the cost of an activity to increase or decrease, influencing the total cost.

Planning Budget

A budget prepared for a specific level of activity that may be adjusted for various activity levels.

Vocational School

An educational institution that provides practical and skills-based training aimed at preparing students for specific trades, professions, or careers.

Budgets

Financial plans that estimate revenue and expenditures over a specific period, helping organizations plan their finances.