Accounting principles related to inventory and inventory costing methods defined [15-20 mi...

Down:

Across:

1. Treats the oldest inventory purchases as the first units sold.

2. Requires that a company report enough information for outsiders to make decisions.

3. Identifies exactly which inventory item was sold. Usually used for higher cost inventory. (Two words)

4. Calculates an average cost based on the purchases made and the units acquired. (Two words)

6. Principle whose foundation is to exercise caution in reporting financial statement items.

5. Treats the most recent/newest purchases as the first units sold.

7. Business should use the same accounting methods from period to period.

8. Principle that states significant items must conform to GAAP.