Listed Below Are Ten Terms Followed by a List of Phrases

question 93

Multiple Choice

Listed below are ten terms followed by a list of phrases that describe or characterize five of the terms.Match each phrase with the best term placing the letter designating the term in the space provided.
-_____ Inventory costing method that assumes both cost of goods sold and ending inventory consist of a random mixture of all the goods available for sale.

• A)Ending inventory
• B)Freight-in
• C)Cost of goods sold
• D)LIFO conformity rule
• E)LIFO
• F)Freight-out
• G)LIFO reserve
• H)Specific identification
• I)FIFO
• J)Average cost

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Definitions:

Debit And Credit

Debit and credit are fundamental categories used in accounting to record and maintain financial transactions, where debit refers to the left side of an account and credit refers to the right side.

Insurance Advance

A payment made in advance by an insurance company, typically for claims or benefits before the final settlement.

Secretary's Salary

The compensation paid to an administrative professional for performing secretarial and administrative duties.

Chart Of Accounts

An organized list of all accounts in a business entity's financial statements, used to classify and record financial transactions.