Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
A1C19
Accounting 1 Chapter 19
| Term | Definition |
|---|---|
| first-in, first-out inventory costing method | using the price of merchandise purchased first to calculate the cost of merchandise sold first |
| gross profit method of estimating inventory | estimating inventory by using the previous year's percentage of gross profit on operations |
| inventory record | a form used during a periodic inventory to record information about each item of merchandise on hand |
| last-in, first-out inventory costing method | using the price of merchandise purchased last to calculate the cost of merchandise sold first |
| periodic inventory | a merchandise inventory determined by counting, weighing, or measuring items of merchandise on hand |
| perpetual inventory | a merchandise inventory determined by keeping a continuous record of increases, decreases, and balance on hand |
| stock ledger | a file of stock records for all merchandise on hand |
| stock record | a form used to show the kind of merchandise, quantity received, quantity sold, and balance on hand |
| weighted-average inventory costing method | using the average cost of beginning inventory plus merchandise purchased during a fiscal period to calculate the cost of merchandise sold |
Created by:
mrs226
Popular Accounting sets