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WorksheetsInventory (CH 25) Vocabulary_Practice 1
Total questions: 12
Worksheet time: 9mins
an online electronic cash register that computers update on a perpetual inventory system
periodic inventory system
perpetual inventory system
point-of-scale terminal (POS)
specific identification method
automated accounting system which keeps a constant, up-to-date record of merchandise on hand at any point in time
periodic inventory system
perpetual inventory system
point-of-scale terminal (POS)
specific identification method
the exact cost of each item is determined and assigned to that item
periodic inventory system
perpetual inventory system
point-of-scale terminal (POS)
specific identification method
inventory records are updated only after a physical count of merchandise on hand is made
periodic inventory system
perpetual inventory system
point-of-scale terminal (POS)
specific identification method
assigns the average cost to each unit inventory
first-in, first-out method (FIFO)
last-in, first-out method (LIFO)
weighted average cost method
assumes that the first items purchased are the first items sold
first-in, first-out method (FIFO)
last-in, first-out method (LIFO)
weighted average cost method
assumes that the last items purchased are the first items sold
first-in, first-out method (FIFO)
last-in, first-out method (LIFO)
weighted average cost method
states that it is best to present amounts that are least likely to result in an overstatement of income or assets
consistency principle
lower-of-cost-or-market rule
market value
conservatism principle
when a business applies the same accounting methods in the same way from one period to the next
consistency principle
lower-of-cost-or-market rule
market value
conservatism principle
requires that the cost of the ending inventory that appears on the financial statements is the lower of its cost or market value
consistency principle
lower-of-cost-or-market rule
market value
conservatism principle
the current price that is charged for similar item of merchandise in the market
consistency principle
lower-of-cost-or-market rule
market value
conservatism principle
states that it is best to present amounts that are least likely to result in an overstatement of income or assets
consistency principle
lower-of-cost-or-market rule
market value
conservatism principle
