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Questions and Answers
Which method assumes that the first goods purchased are the first to be sold?
Which method assumes that the first goods purchased are the first to be sold?
- Double-declining balance depreciation
- Specific identification
- Last-In, First-Out (LIFO) (correct)
- Average cost
What term refers to the net sales minus the cost of goods sold?
What term refers to the net sales minus the cost of goods sold?
- Cost of goods sold model
- Depreciation Expense
- Gross margin (gross profit) (correct)
- Freight-in
Which term represents the cost of an asset minus its accumulated depreciation?
Which term represents the cost of an asset minus its accumulated depreciation?
- F.O.B.shipping point
- Inventory
- Loss on Sale of PPE
- Book Value (correct)
Which concept involves allocating the cost of an intangible asset over its useful life?
Which concept involves allocating the cost of an intangible asset over its useful life?
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What accounting system updates inventory records continuously after each sale or purchase?
What accounting system updates inventory records continuously after each sale or purchase?
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