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Ch 6 accounting

Vocabulary

QuestionAnswer
Average-Cost Method Inventory costing method based on the average cost of inventory during the period. Average cost is determined by dividing the cost of goods available for sale by the number of units available.
Conservatism Reporting the least favorable figures in the financial statements.
Consistency Principle A business should use the same accounting methods and procedures from period to period.
Disclosure Principle A business's financial statements must report enough information for outsiders to make knowledgeable decisions about the company.
FIFO Inventory costing method: the first costs into inventory are the first costs out to cost of goods sold. Ending inventory is based on the costs of the most recent purchases.
Gross Profit Method A way to estimate inventory on the basis of the cost-of-goods-sold model.
LIFO Inventory costing method: the last costs into inventory are the first costs out to cost of goods sold. Leaves the oldest costs- those of beginning inventory and the earliest purchases of the period in ending inventory
Lower-of-Cost-or-Market Rule Rule that an asset should be reported in the financial statements at whichever is lower.
Materiality Concept A company must perform strictly proper accounting only for items that are significant to the business's financial statements.
Specific Indentification Method Same thing as Specific-Unit-Cost-Method
Specific-Unit-Cost Method Inventory cost method based on the specific cost of particular units of inventory.
Created by: mattschultice
 

 



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