Complete each of the following sentences by filling in the missing word(s) - NSC Accounting - Question 3 - 2022 - Paper 2
Question 3
Complete each of the following sentences by filling in the missing word(s). Write only the word(s) next to the question numbers (3.1.1 to 3.1.3) in the ANSWER BOOK.... show full transcript
Worked Solution & Example Answer:Complete each of the following sentences by filling in the missing word(s) - NSC Accounting - Question 3 - 2022 - Paper 2
Step 1
3.1.1 The stock valuation method that assumes that the older stock is sold first is the … method.
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Answer
The stock valuation method that assumes that the older stock is sold first is the First-in-First-out (FIFO) method.
Step 2
3.1.2 The stock system used to record the cost of goods sold at the point of sale is the … system.
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Answer
The stock system used to record the cost of goods sold at the point of sale is the Perpetual system.
Step 3
3.1.3 The stock valuation method that divides the total cost of goods available for sale by the number of units is the … method.
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Answer
The stock valuation method that divides the total cost of goods available for sale by the number of units is the Weighted-average method.
