Definition of accounting terms

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	Chapters 12 and  13
	Provide a short explanation of each of the accounting terms listed below:
	You can research these terms at the end of the chapters and in the glossary.
DO NOT CUT AND PASTE FROM ANOTHER SOURCE! TRY TO USE YUR OWN WORDS WHEN YOU CAN!
1	Conservatism
2	Consistency
3	First-in, First-out (FIFO)
4	Gross profit method
5	Last-in, First-out (LIFO)
6	Lower-of-cost-or-market method
7	Periodic inventory system
8	Perpetual inventory system
9	Specific identification method
10	Weighted average method
11	Sales Journal
12	Purchases Journal