Match the terms with the definitions.
-Goods that are held by one business for sale but that are owned by another business.

Question

Quizplus · Accepted Answer

Consigned goods are goods that are held by one business for sale but that are owned by another business.

B
 Weighted-average method is a method of determining the average cost of inventory by dividing the total cost of goods available for sale by the total units available for sale.

C
 Consignee is a person or business to whom goods are shipped or delivered for sale.

J
 In transit refers to goods that have been shipped but not yet received.

H
 Physical inventory is a count of all the goods a business has on hand.

I
 Periodic inventory system is an inventory system where a business only counts its inventory at set intervals, usually at the end of each accounting period.

K
 Inventory sheet is a document used to record a business's inventory.

L
 Natural business year is a business's fiscal year that ends on a date that coincides with a natural low point in its operations.

M
 Lower-of-cost-or-market method is a method of valuing inventory based on the cost to replace it or its current market value, whichever is lower.

Match the Terms with the Definitions