Using accounting vocabulary
Learning Objective 1, 2
Match the accounting terms with the corresponding definitions.
||a.Treats the oldest inventory purchases as the first units sold.
||b.Requires that a company report enough information for outsider to make knowledgeable decisions.
|3.Last in, first out (LIFO)
||c.Identifies exactly which inventory item was sold. Usually used for higher cost inventory.
||d.Calculates a weighted average cost based on the cost of goods available for sale and the number of units available.
||e.Principle whose foundation is to exercise caution in reporting financial statement items.
||f.Treats the most recent/newest purchases as the first units sold.
||g.Businesses should use the same accounting methods from period to period.
|8.First-in, first-out (FIFO)
||h.Principle that states significant items must conform to GAAP.
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