Which of the Following Statements Is False

question 192

Multiple Choice

Which of the following statements is false?

• A)The inventory account is updated after every sale and after every merchandise purchase under the perpetual inventory system.
• B)The inventory account is updated only at the end of the accounting period under the periodic inventory system.
• C)A cost of goods sold account is updated after each sale of merchandise under the periodic inventory system.
• D)A purchases account is used only under the periodic inventory system.

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Definitions:

Computers

Electronic devices that process, store, and output information, capable of executing complex algorithms and tasks.

Tested

The process of examining or evaluating something to determine its characteristics, quality, or performance.

Set Up

The process or action of making something operational or ready for use, especially in a context of preparation or installation.

Production Possibilities Frontier

A curve depicting all maximum output possibilities for two goods, given a set of inputs and production technology.