Please choose the most appropriate answer for each sentence.
  • 1

    Inventory accounting starts with the inventory on ......

  • 2

    Inventories cannot be ..... until sold, and meanwhile they are considered an asset.

  • 3

    There are four generally accepted approaches to inventory valuation based on ..... cost.

  • 4

    The ..... identification method records actual cost flow: each individual item and its cost must be accounted for.

  • 5

    The ..... average method divides the total cost of inventory items by their total number at the end of any accounting period.

  • 6

    The moving average method uses an average cost for inventory items that is calculated and ..... at the time of each sale.

  • 7

    The ..... method of inventory evaluation is based on the presumption that most companies normally sell the oldest items in their inventory before they sell the newer ones.

  • 8

    The ..... method is based on the presumption that the most recent stock items purchased will be the initial items sold.

  • 9

    The ..... method presumes that the company will continue to keep their oldest items in inventory.

  • 10

    The ..... method attempts to ensure that perishable products are sold while they are still in good condition.

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