Select the word or phrase that matches the description, words \& phrases may be used...
60.1K
Verified Solution
Link Copied!
Question
Accounting
Select the word or phrase that matches the description, words \& phrases may be used more than once 1 Comparability 2 FIFO 3 Gross profit percentage (gross margin percentage) 4 Lower of Cost or Net Realizable Value 5 Perpetual 6 Purchase discount 7 Specific unit cost 8 Weighted-average Descriptions to be matched to above numbers. (Enter the corresponding number from the words or phrases listed above to the left of the description you think it applies to) 1. Generally associated with Saving income taxes 2. Results in a cost of ending inventory that is close to the current cost of replacing the inventory. 3. Used to account for automobiles, jewellery, and art objects 4. Maximizes reported income. 5. Inventory system that keeps a running record of all goods bought, sold, and on hand 6. Characteristic that enables investors to compare a company's financial statements from one period to the next. 7. Writes inventory down when net realizable value drops below historical cost. 8. Key indicator of a company's ability to sell inventory at a profit. 9. A decrease in the buyer's cost of inventory earned by paying quickly
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
