Match Each Description to the Appropriate Inventory System (A or B).​

question 128

Multiple Choice

Match each description to the appropriate inventory system (a or b) .​
-When using this system, a physical inventory is necessary to determine cost of merchandise sold.

• A)Perpetual
• B)Periodic

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Definitions:

Missouri Compromise

A significant legislative agreement passed in 1820 in the United States, admitting Missouri as a slave state and Maine as a free state, maintaining a balance between slave and free states.

Slavery Extension

The political and social debate over the expansion of slavery into new territories or states in a country.

Protective Tariff

A tariff imposed on imports to protect domestic industries from foreign competition by increasing the cost of imported goods, thereby making local goods more competitively priced.

American Colonies

Refers to the thirteen British colonies in North America that declared independence in 1776, leading to the American Revolutionary War and the formation of the United States.