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Advanced Accounting Chapter 5 Vocabulary Flashcards | StudBud
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Advanced Accounting Chapter 5 Vocabulary
Advanced Accounting Chapter 5 Vocabulary
14 terms
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Review game for the Advanced Accounting chapter 5 vocabulary quiz.
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14 cards
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14
Answers
1
A form used to show the type of merch., quantity received, quantity sold, and balance on hand.
Purchase Record
Stock Ledger
Purchase Order
Stock Record
2
A form used during a periodic inventory to record info. about each item of merchandise on hand.
Inventory Ledger
Inventory Form
Inventory Journal
Inventory Record
3
Estimating inventory by using the previous year's percentage of gross profit on operations.
Gross Profit Method of Estimating Inventory
Lower of Cost or Market Inventory Costing Method
Inventory Guesstimation!
Retail Method of Estimating Inventory
4
The # of times the avg. amt. of merchandise inventory is sold during a specific period of time.
Inventory Turnover Ratio
Inventory Costing Methods
Average Number of Days' Sales in Merchandise Inventory
Retail Method of Estimating Inventory
5
Estimating inventory by using a percentage based on both cost and retail prices.
Net Sales Method of Estimating Ending Inventory
Cost Method of Estimating Ending Inventory
Retail Method of Estimating Inventory
Gross Profit Method of Estimating Ending Inventory
6
The person or business that gives goods on consignment.
Customer
Consignor
Consignment
Consignee
7
The time needed to sell an average amount of merchandise inventory.
Days' Sales in Inventory
One Month
A Season
An Entire Year
8
Using the price of merchandise purchased first to calculate the cost of merchandise sold first.
Last-In, First Out Inventory Costing Method
First-In, First-Out Inventory Costing Method
Weighted-Average Inventory Costing Method
Lower or Cost or Market Inventory Costing Method
9
Goods that are given to a business to sell but for which title remains with the vendor.
Tangible Assets
Consignor
Consignment
Consignee
10
The person or business that receives goods on consignment.
Consignment
Consignee
Vendor
Consignor
11
Using the lower of cost or market price to calculate the cost of ending merchandise inventory.
First-In, First Out Inventory Costing Method
Lower of Cost or Market Inventory Costing Method
Weighted-Average Inventory Costing Method
Last-In, First Out Inventory Costing Method
12
Using the avg. cost of beg. inventory plus merch. pur. to calculate the cost of merch. sold.
Lower of Cost or Market Inventory Costing Method
Weighted-Average Inventory Costing Method
First-In, First Out Inventory Costing Method
Last-In, First Out Inventory Costing Method
13
A file of stock records for all merchandise on hand.
Stock Journal
Stock Ledger
Stock Account
Stock Record
14
Using the price of merchandise purchased last to calculate the cost of merchandise sold first.
First-In, First-Out Inventory Costing Method
Last-In, First-Out Inventory Costing Method
Lower of Cost or Market Inventory Costing Method
Weighted-Average Inventory Costing Method
