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Definitions (25)
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Average cost method
See for weighted average inventory costing
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conservatism
A shortened reference to the conservatism principle
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conservatism principle
The accounting principle that guides accountants to select the less optimistic estimate when two estimates of amounts to be received or paid are about equally likely.
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consignee
One who receives and holds goods owned by another party for the purpose of selling the goods for the owner.
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Consignor
An owner of goods who ships them to another party who will then sell the goods for the owner.
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consistency principle
The accounting requirement that a company use the same accounting methods period after period so that the financial statements of succeeding periods will be comparable.
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days' sales in inventory
An estimate of how many days it will take to convert the inventory on hand at the end of the period into accounts receivable or cash; calculated by dividing the ending inventory by cost of goods sold and multiplying the result by 365.
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First-in
The pricing of an inventory under the assumption that inventory items are sold in the order acquired; the first items received were the first items sold.
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Full-disclosure principle
The GAAP that requires financial statements (including footnotes) to report all relevant information about the operations and financial position of the entity.
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