All of the Following Statements Are True Regarding the Periodic

question 74

Multiple Choice

All of the following statements are true regarding the periodic inventory system except

• A)Under the periodic inventory system, the balance of cost of goods sold is calculated at the end of the period.
• B)Under the periodic inventory system, the balance in ending inventory is calculated at the end of the period.
• C)Using the periodic inventory system affects the balance sheet contents differently than when the perpetual system is used.
• D)Under the periodic system, a company uses separate accounts to record freight costs, returns, and discounts.

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Definitions:

Learning Disorders

Neurologically-based processing problems that can interfere with learning basic skills such as reading, writing, or math, and can also interfere with higher-level skills such as organization, time planning, and abstract reasoning.

Genetic Wiring

The complex network of genetic information that determines an organism's characteristics and biological functions.

Zygote

The fertilized egg, formed by the union of sperm and egg.

Chromosomes

Structures in the nucleus of each cell that contain the genes, the units of hereditary transmission. A human cell has 46 chromosomes arranged in 23 pairs.