The Inventory Account Balance Appearing in a Perpetual Inventory Worksheet

question 140

Multiple Choice

The Inventory account balance appearing in a perpetual inventory worksheet represents the

• A) ending inventory.
• B) beginning inventory.
• C) cost of merchandise purchased.
• D) cost of merchandise sold.

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Definitions:

Payroll Tax Expense

Taxes that are levied on an employer based on the wages and salaries paid to employees.

FICA-OASDI

Refers to the Social Security portion of the Federal Insurance Contributions Act tax, funding Social Security retirement, disability, and survivor benefits.

FICA-OASDI

The Federal Insurance Contributions Act tax for Old-Age, Survivors, and Disability Insurance, which funds Social Security.

FUTA

The Federal Unemployment Tax Act, which imposes a payroll tax on businesses, used to fund state workforce agencies.