Match Each of the Following Terms with the Appropriate Definition

question 153

Multiple Choice

Match each of the following terms with the appropriate definition.
-An inventory pricing method that assumes the unit prices of the beginning inventory and of each purchase are weighted by the number of units of each in inventory; the calculation occurs at the time of each 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:

Money Orders

A payment order for a pre-specified amount of money, similar to a check, that is widely used for safe transfers of funds.

Promissory Notes

Written promises to pay a specified sum of money to a named party, under specified conditions.

Uniform Commercial Code

A complete collection of regulations that oversee every commercial activity within the United States.

Postdating Checks

Writing a check with a date in the future, which means the check cannot legally be cashed or deposited until that date.