Listed Below Are Ten Terms Followed by a List of Phrases

question 169

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.
-_____ Additional amount of inventory a company would report if it used FIFO instead of LIFO.

• 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:

Report The Results

The practice of formally presenting findings or outcomes, often from research or an assessment.

Social Audits

A process in which an organization accounts for its social performance, impacts, and achievements in a transparent and ethical manner to stakeholders and the wider community.

Voluntary

Actions or practices that are undertaken by choice or without coercion, often indicating goodwill or compliance beyond what is required by law.

Ethics Report

A document that outlines the ethical standards, policies, and practices of an organization, often highlighting areas of compliance and areas for improvement.