The Running Head

question 27

Multiple Choice

The running head

• A)is the first two to three words of the title.
• B)appears on every page.
• C)is the first two to three words of the title and appears on every page.
• D)appears only on the title page.

---

Definitions:

FOB Shipping Point

A shipping term indicating that the buyer assumes the risk and transportation costs for goods once they have left the seller's premises.

Merchandise Inventory

Finished goods available for sale to customers in a retail or wholesale business.

Periodic Inventory System

An inventory accounting system where inventory levels are updated and cost of goods sold is calculated at the end of an accounting period.

Perpetual Inventory System

A method of keeping track of inventory in real-time, where inventory levels are updated after every sale or purchase transaction.