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:

Documenting Competencies

The process of recording and detailing the skills, abilities, and achievements of an individual or organization, often used for assessment or professional development purposes.

Certifying Body

An organization that grants recognition to individuals who have met predetermined qualifications or standards in a profession.

Educational Institution

An organization dedicated to educating people, typically comprising schools, colleges, universities, and training centers.