With the Periodic Inventory System What Does the Opening Balance

question 59

Multiple Choice

With the periodic inventory system what does the opening balance in the inventory account represent?

• A) Inventory on hand at the end of the previous period as determined by a physical stocktake.
• B) Inventory on hand at the end of the current period as determined by a physical stocktake.
• C) Opening inventory plus purchases less ending inventory.
• D) Inventory on hand at the end of the current period before allowance for inventory variance.

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Definitions:

Aquaculture Industry

The sector involved in the breeding, rearing, and harvesting of plants and animals in all types of water environments for the purpose of producing food, recreational fishing, and restoring endangered species.

Herbivorous Fish Species

Herbivorous Fish Species are types of fish that primarily consume plant material, including algae, playing vital roles in maintaining the balance of aquatic ecosystems.

Coastal Fish Farms

Aquaculture operations located near the coastlines where fish are raised in controlled environments for commercial purposes.

Alien Species

Alien species, also known as invasive species, are organisms that are introduced to a new habitat where they are not native, often causing harm to the environment, economy, or human health.