Clep Chapter5 8-14
Order by
7 terms
Terms | Definitions |
|---|---|
 Consistency Principle | Using the same accounting methods from one period to the next. |
| lower-of-cost-or-market rule | a guideline stating a business can report at either the cost or market value |
| Market value | current price charged for similar items. |
| retail method | method of estimating cost of inventory that used |
| markup | a dollar amount or % added to the cost |
| gross profit method | ... |
| merchandise inventory turnover | ... |
First Time Here?
Welcome to Quizlet, a fun, free place to study. Try these flashcards, find others to study, or make your own.