A Balloon Noticeably Deflated After 2 Days Within a Home

question 13

Multiple Choice

A balloon noticeably deflated after 2 days within a home.The helium that filled the balloon _____ from it over time.

• A) diffused
• B) effused
• C) evaporated
• D) condensed

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Definitions:

Perpetual System

A method of inventory accounting in which the inventory levels are updated in real-time with each sale or purchase.

Adjusting Entry

Journal entries made at the end of an accounting period to update the accounts for accruals or deferrals that were not previously recorded.

Gross Profit

The financial measure calculated by subtracting the cost of goods sold from revenue, representing the profit a company makes after deducting the costs associated with making and selling its products.

Net Sales

The amount of sales revenue left after deducting sales returns, allowances, and discounts from gross sales.