Match the Following Terms with the Appropriate Definition

question 208

Multiple Choice

Match the following terms with the appropriate definition.
-The number of times a company's average inventory is sold during an accounting period.

• 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

---

Definitions:

Expenses

Economic costs that a company incurs through its operations to generate revenue, often categorized as operational, selling, and administrative expenses.

Revenue Account

A financial account that tracks the income generated from a company's business activities, such as sales or services provided.

Credited

A term used in double-entry bookkeeping to indicate a recording in the credit column, often signaling an increase in liabilities or a decrease in assets.

Increased

Describes a rise or growth in value, quantity, or some other measure.