Taking a Physical Count of Inventory

question 67

Multiple Choice

Taking a physical count of inventory

• A) is not necessary when a periodic inventory system is used
• B) should be done near year-end
• C) has no internal control relevance
• D) is not necessary when a perpetual inventory system is used

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Definitions:

Progressive

Relates to a context where something increases or develops in stages incrementally.

Federal Taxes

Taxes collected by the federal government, involving income tax, payroll taxes, and various other taxes.

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Various forms of taxation imposed by state, regional, and local governments, including income, sales, property, and other taxes.