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:

Inquiry

The act of asking for information or conducting an investigation in order to gain understanding.

Grumbling Acceptance

Reluctant agreement or consent to a situation, decision, or condition without overt opposition.

Stipulation

An agreement between the parties involved in a legal case on certain facts or procedures, often meant to simplify the case or expedite proceedings.

Gap-Fillers

Provisions in law or contracts that provide terms where the parties have not specified them, to complete or fill in gaps.