Matching
Match the term and the definition.Not all definitions will be used.
Premises:
weighted average cost.
work in process inventory.
inventory turnover ratio.
specific identification.
days to sell.
cost of goods sold equation.
inventory.
goods available for sale.
Responses:
The amount of money that firms set aside today to buy inventory in the future.
An inventory costing method where the firm adds up all the different prices it paid for inventory and divides by the number of prices.
The average length of time it takes a company to sell an item in inventory.
An inventory costing method where the firm keeps track of the cost and sale of each individual good.
Tangible property held for future sale or used to produce other goods or services for sale.
The concept that relatively small amounts should be reported in the most cost effective way if they are too small to influence decisions.
The average number of times a company sells its inventory over the year.
The book value of all the partially produced goods held by a manufacturer.
The average cost a company paid for inventory taking into account the number of units bought at each unit cost.
The current market value of investment assets minus their original cost.
The sum of beginning inventory and purchases by the company.
Beginning inventory plus purchases minus ending inventory.
A company's policy of requiring identification by customers who pay by cheque.
Correct Answer:
Premises:
Responses:
The amount of money that firms set aside today to buy inventory in the future.
An inventory costing method where the firm adds up all the different prices it paid for inventory and divides by the number of prices.
The average length of time it takes a company to sell an item in inventory.
An inventory costing method where the firm keeps track of the cost and sale of each individual good.
Tangible property held for future sale or used to produce other goods or services for sale.
The concept that relatively small amounts should be reported in the most cost effective way if they are too small to influence decisions.
The average number of times a company sells its inventory over the year.
The book value of all the partially produced goods held by a manufacturer.
The average cost a company paid for inventory taking into account the number of units bought at each unit cost.
The current market value of investment assets minus their original cost.
The sum of beginning inventory and purchases by the company.
Beginning inventory plus purchases minus ending inventory.
A company's policy of requiring identification by customers who pay by cheque.
Premises:
The amount of money that firms set aside today to buy inventory in the future.
An inventory costing method where the firm adds up all the different prices it paid for inventory and divides by the number of prices.
The average length of time it takes a company to sell an item in inventory.
An inventory costing method where the firm keeps track of the cost and sale of each individual good.
Tangible property held for future sale or used to produce other goods or services for sale.
The concept that relatively small amounts should be reported in the most cost effective way if they are too small to influence decisions.
The average number of times a company sells its inventory over the year.
The book value of all the partially produced goods held by a manufacturer.
The average cost a company paid for inventory taking into account the number of units bought at each unit cost.
The current market value of investment assets minus their original cost.
The sum of beginning inventory and purchases by the company.
Beginning inventory plus purchases minus ending inventory.
A company's policy of requiring identification by customers who pay by cheque.
Responses:
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