LIFO
FIFO
DEPRECIATION
INVENTORY
MISC
100
Last In, First Out
What is LIFO
100
First In, First Out
What is FIFO
100
A method of depreciation that allocated the cost of an asset equally to each year of its useful life
What is Straight-Line Method
100
This is expected to be converted into cash within the company's working phase.
What is Inventory
100
The direct costs attributable to the production of the goods sold by a company.
What is COGS
200
Notice that FIFO uses ______, rather than an average cost.
What is Actual purchase costs
200
Notice that FIFO uses ______, rather than an average cost.
What is actual costs
200
Larger amounts of depreciation are recognized in the early years of the assets life and smaller amounts are recognized in the later years.
What is Accelerated Depreciation
200
Beginning Inventory + Net Purchases – Cost Of Goods Sold (COGS) =
What is Ending Inventory
200
_____ = Cost – Related Accumulated Depreciation
What is book value
300
For the purpose of calculating income, most accountants consider the ___ ___ ___more important than the physical flow of merchandise
What is flow of costs
300
Over the past several decades, we have lived in an __ ___, which means that most prices rise over time
What is inflationary economy
300
To make a company appear more profitable, the straight-line method is best used on the
What is Financial statement
300
In the balance sheet, inventory is listed immediately after ___ ____.
What is accounts receivable.
300
Residual cost is also know as
What is Salvage cost
400
FIFO usually causes a business to report ____ _____ than would be reported under LIFO
What is higher profits
400
The cost of goods sold for a given sales transaction also may involve several different ___ ____.
What is cost prices
400
Accelerated Depreciation is best used on a company's____
What is Income Tax returns
400
Inventory is a nonfinancial asset and usually is shown in the balance sheet at its ___
What is cost
400
A company's total earnings (or profit).
What is Net Income
500
LIFO is regarded as the most ______ of the inventory pricing methods
What is conservative
500
If a company uses FIFO on its income tax returns, then the company has to use FIFO on its______
What is financial statement
500
Fixed-Percentage-of-Declining- Balance Depreciation is also known as
What is The Declining-Balance Method
500
Accounting for merchandise inventory presents one of the greatest ____ for all companies that sell products
what is challenges
500
This measures both the revenue and expenses associated with the company's primary business activities.
What is Pre-Income tax
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