In the Perpetual Inventory System, No Year-End Adjusting Entry Is

question 4

True/False

In the perpetual inventory system, no year-end adjusting entry is necessary, as long as the physical inventory agrees with the amount reported in the merchandise inventory account.

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Definitions:

Quota

A government-imposed trade restriction that limits the number or monetary value of goods that can be imported or exported during a specified time period.

Amount of Product

The total quantity or volume of a product that is available for sale or distribution.

Enter or Leave

Decision-making phrases used in business to determine whether to commence or cease operations in a particular market or sector.

Tariffs

Taxes imposed by a government on imported or exported goods to regulate trade and protect domestic industries.