Accounting II Chapter 6

A completed form authorizing a seller to deliver goods with payment to be made later is called a(n)

• stock ledger
• purchase order
• stock record
• invoice

Goods that are given to a business to sell but for which the title remains with the vendor, are called a(n)

• consignment
• purchase
• sale
• cosignee

The costing method that uses the lower of cost of market price to calculate the cost of ending merchandise inventory is called 

• first in, first out
• lower of cost or market
• last in, first out
• weighted average

A form used to show the type of merchandise, quantity received, quantity sold, and balance on hand is called a(n)

• stock ledger
• purchase order
• stock record
• invoice

The number of times the average amount of merchandise inventory is sold during a specific period time is called the 

• average number of days' sales in merchandise inventory
• average sales turnover ratio
• inventory sales period ratio
• merchandise inventory turnover ratio

 A form used during a periodic inventory to record information about each item of merchandise on hand is called a(n)

• stock record
• stock ledger
• inventory record
• merchandise on hand record

The costing method that uses the price of merchandise purchased last to calculate the cost of merchandise sold first is called 

• first in, first out
• last in, first out
• lower of cost or market
• weighted average