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Business English Exercises
 

Inventories

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Home > Teaching Business English > Business English Lessons, Advanced Level # 74
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Inventory accounting starts with the inventory on hand.

Correct answer: (b) hand

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 english vocabulary, grammar and idioms Ask a Teacher

Inventories cannot be expensed until sold, and meanwhile they are considered an asset.

Correct answer: (c) expensed

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There are four generally accepted approaches to inventory valuation based on historical cost.

Correct answer: (b) historical

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The specific identification method records actual cost flow: each individual item and its cost must be accounted for.

Correct answer: (c) specific

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The weighted average method divides the total cost of inventory items by their total number at the end of any accounting period.

Correct answer: (d) weighted

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The moving average method uses an average cost for inventory items that is calculated and applied at the time of each sale.

Correct answer: (b) applied

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The FIFO method of inventory evaluation is based on the presumption that most companies normally sell the oldest items in their inventory before they sell the newer ones.

Correct answer: (b) FIFO

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The LIFO method is based on the presumption that the most recent stock items purchased will be the initial items sold.

Correct answer: (c) LIFO

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The FILO method presumes that the company will continue to keep their oldest items in inventory.

Correct answer: (d) FILO

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The FEFO method attempts to ensure that perishable products are sold while they are still in good condition.

Correct answer: (a) FEFO

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Business English Practice Exercises Business English Tests — several topics are covered: office matters, job applications, computer English, money expressions, business law, operations management, retail marketing, e-commerce, accounting terms, contracts and agreements, commercial correspondence, etc.
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Meaning of inventory, Actual cost flow, LILO is the acronym for Last In Last Out

 

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