Under a Perpetual Inventory System

question 22

Multiple Choice

Under a perpetual inventory system

• A)there is no need for a year-end physical count.
• B)increases in inventory resulting from purchases are debited to Purchases.
• C)accounting records continuously disclose the amount of inventory.
• D)the account Purchase Returns and Allowances is credited when goods are returned to vendors.

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Definitions:

Social Responsibility

Involves businesses making decisions and taking actions that benefit society as well as themselves.

Philanthropic Goodwill

The positive reputation and supportive engagement generated by a company or individual's charitable activities and contributions to society.

Economic Responsibility

An entity's duty to make decisions that benefit the economic well-being of society and stakeholders.

Virtue Ethics

Virtue ethics is an approach to ethical thinking that emphasizes the importance of developing good habits of character, stressing the role of virtues like justice, temperance, and courage in ethical behavior.