If a Company Determines Cost of Goods Sold Each Time

question 135

Multiple Choice

If a company determines cost of goods sold each time a sale occurs it

• A) must have a computer accounting system.
• B) uses a combination of the perpetual and periodic inventory systems.
• C) uses a periodic inventory system.
• D) uses a perpetual inventory system.

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Definitions:

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Large, open-pit mines where layers of soil and rock are removed to access underlying minerals.

Underground Machines

No definitive context, but likely refers to equipment used for underground operations such as mining or tunnel construction.

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A fine-grained sedimentary rock containing organic materials that can be processed to produce shale oil, a type of unconventional oil.