An Account Used in the Periodic Inventory System That Is

question 92

Multiple Choice

An account used in the periodic inventory system that is not used in the perpetual inventory system is

• A) Merchandise Inventory
• B) Sales
• C) Sales Returns and Allowances
• D) Accounts Payable
• E) Purchases

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Definitions:

Duty

A moral or legal obligation to perform or refrain from performing some action, often derived from one's role, position, or circumstances.

Happiness

A state of well-being and contentment, often considered as an aim in life and a factor in evaluating the quality of life.

Utilitarianism

An ethical theory that posits the best action is the one that maximizes utility, typically defined as maximizing happiness and reducing suffering.

Roman Catholic Natural Law Ethics

An ethical theory based on the belief that the moral law is discoverable by every person through the use of reason and is grounded in human nature and purpose, as taught within Roman Catholic theology.