| A | B |
|---|
| Consignment | Goods that are given to a business to sell, but for which title to the goods remains with the vendor |
| Consignee | The person or business who receives goods on consignment |
| Consignor | The person or business who gives goods on consignment |
| Stock Record | A form used to show the kind of merchandise, quantity received, quantity sold, and balance on hand. |
| Stock Ledger | A file of stock records for all merchandise on hand |
| Purchase Order | A complete form authorizing a seller to deliver goods with payment to be made later |
| Inventory Record | A form used during a periodic inventory to record information about each item of merchandise on hand |
| First-in, first out inventory costing method | Using the price of merchandise purchased first to calculate the cost of merchandise sold first. |
| Last-in, first out inventory costing method | Using the price of merchandise purchased last to calculate the cost of merchandise sold first |
| Weighted-average inventory costing method | Using the average cost of beginning inventory plus merchandise purchased during a fiscal period to calculate the cost of merchandise sold. |
| Lower of cost or market inventory costing method | Using the lower of cost or market price to calculate the cost of ending merchandise inventory. |
