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match the following a periodic inventory system b fifo c conservatism d consistency 4300744

Match the following.

 

A) periodic inventory system

B) FIFO

C) conservatism

D) consistency characteristic

E) materiality

F) disclosure principle

 

38) Inventory system sometimes referred to as the physical system because it relies on the actual physical count of inventory

 

39) Inventory cost method that will result in the same value for ending inventory using either a perpetual or periodic inventory system

40) Principle that allows the financial statement user the ability to know which of the cost methods is being used in valuing inventory.

 

41) A principle requiring the financial statements to report enough information for outsiders to make knowledgeable decisions about the business

 

42) A concept by which the least favourable figures are presented in the financial statements

 

43) A characteristic requiring the use of the same accounting methods and procedures from period to period

44) Accounting concept that states that a company must perform strictly proper accounting only for items that are significant to the business's financial statements

 

45) The accounting principle that discourages managers from manipulating income by changing from one inventory method to another

 

 

 

 

 

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