What Inventory Method Is Used When the Inventory Balance Is

question 24

Multiple Choice

What inventory method is used when the inventory balance is updated only at the end of the accounting period?

• A)Periodic
• B)Perpetual
• C)Income Summary
• D)Cost of Goods Sold

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Definitions:

Governing Authority

The organization, body, or individual that has the power to make and enforce rules, laws, and regulations within a specified jurisdiction.

Organized Society

A structured group of individuals governed by established laws, norms, and institutions.

Business Law

The branch of law that deals with the rights, relations, and conduct of persons and businesses engaged in commerce, merchandising, trade, and sales.

Enforceable Rules

Regulations or directives that can be legally imposed or executed by a governing authority.