You Need to Consider How Well You Know a Person

question 14

True/False

You need to consider how well you know a person and the time and place in which you are operating in order to determine what behaviors would be considered polite or impolite.

---

Definitions:

Periodic Inventory System

An inventory system in which ending inventory and cost of goods sold are determined at the end of the accounting period based on a physical inventory count.

Physical Inventory

Physical inventory refers to the process of counting and verifying the physical stock of goods a company holds in its possession.

Net Income

The net income of a business following the deduction of all costs, such as operational expenses and taxes, from its overall revenue.

Ending Inventory

The total value of a company’s inventory at the end of an accounting period, calculated before the new fiscal period begins.