Please match the numbered terms with their definitions by placing the letter tha
ID: 2728641 • Letter: P
Question
Please match the numbered terms with their definitions by placing the letter that identifies the best definition in the blank space next to the term. The value of each correct answer is 1.5 points.
____ 1. Accelerated Depreciation
____ 2. Double Declining-Balance Method
____ 3. FIFO Method
____ 4. Internal Control System
____ 5. LIFO Method
____ 6. Periodic System
____ 7. Perpetual System
____ 8. Sarbanes-Oxley Act
____ 9. Straight-Line Method
____ 10. Time Value of Money
A. Policies and procedures necessary to ensure the safeguarding of an entity’s assets, the reliability of its accounting
records, and the accomplishment of overall company objectives..
B. An inventory costing method that assigns the most recent costs to ending inventory.
C. An inventory costing method that assigns the most recent costs to cost of goods sold.
D. The system in which the Inventory account is updated at the end of the period.
E. The system in which the Inventory account is increased at the time of each purchase of merchandise and
decreased at the time of each sale.
F. A method by which the same dollar amount of depreciation is recorded in each year of asset use.
G. The concept that indicates that people should prefer to receive an immediate amount at the present time over an
equal amount in the future.
H. An act of Congress in 2002 intended to bring reform to corporate accountability and stewardship in the wake of a
number of major corporate scandals.
I. A term that refers to several methods by which a higher amount of depreciation is recorded in the early years of
an asset’s life and a lower amount is recorded in the later years.
J. A method by which depreciation is recorded at twice the straight-line rate, but the depreciable balance is reduced
in each period.
Explanation / Answer
Answer:
1. Accelerated Dep I 2. Double-Declining balance method J. 3. FIFO Method B 4. Internal control system A 5. LIFO Method C 6. Periodic System D 7. Perpetual system E. 8. Sarbanes Ocley Act H. 9. SLM F. 10. Time value of Money G.Related Questions
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