Matching
Match each key term with its appropriate definition
Premises:
Periodic Inventory
Perpetual Inventory
Finished Goods Inventory
Purchase obligation
Raw Materials Inventory
Consigned Goods
Bill and hold sale
FOB Shipping
Work in Process Inventory
FOB Destination
Responses:
The requested goods to be delivered at a later date.
Not recognized in inventory until delivered.
Includes direct labor, raw materials, and manufacturing overhead.
Purchases are recorded in an inventory account.
A temporary account is used.
Buyer recognizes purchase of inventory at destination.
Buyer recognizes purchase of inventory at shipment.
Tangible goods used in production.
Goods ready for sale.
A third party attempts to sell.
Correct Answer:
Premises:
Responses:
Periodic Inventory
Perpetual Inventory
Finished Goods Inventory
Purchase obligation
Raw Materials Inventory
Consigned Goods
Bill and hold sale
FOB Shipping
Work in Process Inventory
FOB Destination
Premises:
Periodic Inventory
Perpetual Inventory
Finished Goods Inventory
Purchase obligation
Raw Materials Inventory
Consigned Goods
Bill and hold sale
FOB Shipping
Work in Process Inventory
FOB Destination
Responses:
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