Examlex
Some of the more popular forms of counter trade are as follows with one exception. Which one is the exception?
Net Income
The ultimate profit of a firm calculated by subtracting all outgoings and taxation from the gross revenue.
FIFO
"First In, First Out," an inventory valuation method where items produced or acquired first are sold, used, or disposed of first.
Periodic Inventory System
An inventory accounting system where updates to inventory levels are made at specific intervals, and cost of goods sold is calculated at the end of an accounting period.
Ending Inventory
The worth of products ready to be sold at the closure of a financial period, determined by adding the initial inventory to purchases and subtracting the cost of goods sold.
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