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