| A | B |
|---|
| consignment | Foods that are given to a business to sell but for which title remains with the vendor. |
| consignee | The person or business that receives goods on consignment. |
| consignor | The person or business that gives goods on consignment. |
| stock record | A form used to show the type of merchandise, quantity received, quantity sold, and balance on hand. |
| stock ledger | A file of stock records for all merchandise on hand. |
| inventory record | A form used during a physical inventory to record information about each item of merchandise on hand. |
| generally accepted Accounting principles | The stnnndards and ryules that accountants follow while recording and reporting financial activities |
| days' sales in inventory | The time needed to sell an average amount of merchandise inventory. |
| 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 the beginning inventory plus merchandise purchased during a fiscal period to calculate the cost of merchandise sold. |
| inflation | The rate at which the price for goods and services increases over time. |
| deflation | The rate at which the price for goods and services decreases over time. |
| international financial reporting standards | A set of accounting standards being adopted accross the world. |
| lower of cost or market inventory costing method | Using the lower of cost or market price to calculate the cost of the ending merchandise inventory. |
| gross profit method of estimating inventory | Estimating inventory by using the previous year's percentage of gross profit on operations. |
| retail method of estimating inventory | Estimating inventory by using a percentage based on both cost and retail prices. |
| inventory turnover ratio | The number of times the average amount of merchaqndise inventory is sold during a specific period of time. |
