Which of the Following Is Not True of the Periodic

question 5

Multiple Choice

Which of the following is not true of the periodic inventory system?

• A) Cost of sales can be calculated only after a physical stocktake
• B) It uses a purchases account
• C) It allows inventory variances to be identified
• D) It is the simplest system

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Definitions:

Ross Perot

An American business magnate and political figure known for his independent presidential runs in 1992 and 1996, focusing on fiscal responsibility and political reform.

Presidential Election

The electoral process in which citizens or electors select a candidate to serve as the President of a country.

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A colloquial term sometimes used to describe a nation (often the United States) taking an active role in enforcing international norms and peace.

Totalitarian Regime

A political system in which the state holds total authority over the society and seeks to control all aspects of public and private life wherever possible.