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1		Another name for weighted-average inventory pricing is cost method.


2		The accounting principle that guides accountants to select the less optimistic estimate when two estimates of amounts to be received or paid are about equally likely is the principle.


3		The one who receives and hold goods owned by another party for the purpose of selling the goods for the owner is a (CONSIGNEE or CONSIGNOR)


4		The principle is the accounting requirement that a company use the same accounting methods period after period so that the financial statements of succeeding periods will be comparable.


5		Dividing the ending inventory by cost of goods sold and multiplying the result by 365 results in a number that is called ' in inventory.


6		The pricing of an inventory under the assumption that inventory items are sold in the order acquired is called or (FIFO or LIFO) inventory pricing.


7		The pricing of an inventory under the assumption that costs for the most recent items purchased are sold first and charged to cost of goods sold is called (FIFO or LIFO) inventory pricing.


8		A procedure for estimating an ending inventory in which the past gross profit rate is used to estimate cost of goods sold, which is then subtracted from the cost of goods available for sale to determine the estimated ending inventory, is called the method of estimating ending an inventory.


9		For a company which has a fiscal year ending June 30, a balance sheet prepared on May 31 would be called an statement.


10		The required method of reporting merchandise inventory in the balance sheet where market value is reported when market is lower than cost is called the - - - -MARKET method.


11		Dividing the cost of goods sold by the average merchandise inventory balance results in a number called merchandise .


12		An item that will sell for $45 and has a cost to sell of $32, has an expected value of $13.


13		A method for estimating an ending inventory based on the ratio of the amount of goods for sale at cost to the amount of goods for sale at marked selling prices is called the inventory method.


14		Another name for specific invoice inventory pricing is identification.


15		states that an amount may be ignored if its affect on the financial statements is not important to their users.


16		requires financial statements (including footnotes) to report all relevant information about the operations and financial position of the entity.


17		The ratio measures how much of each sales dollar is gross profit.


18		is a perpetual inventory pricing system in which the unit cost in inventory is recalculated at the time of each purchase by dividing the total cost of goods available for sale at that point in time by the corresponding total units available for sale.


19		is to count merchandise inventory of the purpose of reconciling goods actually on hand to the inventory control account in the General Ledger.


20		cost is the current cost of purchasing an item.


21		is the expected sales price of an item minus the cost of making the sale.

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