FIFO (Inventory) - Answer✔✔-Inventory Oldest items inventory are sold first .(Example: Fruit)
LIFO (Inventory) - Answer✔✔-Most recent items added to inventory are sold first. (Example: Ore
from Mining)
Average Cost (Inventory) - Answer✔✔-Ending inventory units are costed using an average cost
of goods available divided by the units available for sale. (Example: Rope)
Specific Identification (Inventory) - Answer✔✔-Inventory items are tagged with their cost.
(Example: automobiles)
Generally Accepted Accounting Principles (GAAP) - Answer✔✔-A framework of accounting
standards, rules and procedures defined by the professional accounting industry, which has
been adopted by nearly all publicly traded U.S. companies.
Securities Act of 1935 - Answer✔✔-Established the SEC Securities and Exchange Commission
with the explicit authority to establish the rules, standards, and procedures used to account for
transactions and events. Also to establish the form and content of published financial reporting.
Management Accounting - Answer✔✔-Concerned with identification, measurement,
accumulation, analysis, preparation, interpretation, and communication of financial information
used my management to plan and evaluate and control within an organization to assure
appropriate use of and accountability of resources.
Cost Accounting - Answer✔✔-Concerned only with the cost of a product or service.
Page 4/32
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Emillect. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.49. You're not tied to anything after your purchase.
