Which of the Following Terms Best Describes Property That the True

question 68

Multiple Choice

Which of the following terms best describes property that the true owner has unknowingly or accidentally dropped or left somewhere?

• A)Abandoned
• B)Discarded
• C)Mislaid
• D)Lost
• E)Terminated

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Definitions:

LIFO

"Last In, First Out", an inventory costing method where the most recently produced or acquired items are recorded as sold first.

FIFO

An inventory valuation method where the first items placed into inventory are the first ones sold; stands for First-In, First-Out.

Inventory Costing

The method used to assign costs to inventory, affecting the cost of goods sold and ending inventory valuations.

Ending Inventory

The total value of all inventory that a company has in stock at the end of an accounting period.