In a Periodic Inventory System, the Cost of Purchases Is

question 151

Multiple Choice

In a periodic inventory system, the cost of purchases is recognized as

• A)an integral part of the calculation of cost of goods sold.
• B)the only part of the calculation of cost of goods sold.
• C)an increase in the inventory account.
• D)an increase in an asset account.

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Definitions:

Five-Factor Theory

A model proposing five core dimensions, namely openness, conscientiousness, extraversion, agreeableness, and neuroticism, as the structure of human personality.

Openness to Experience

One of the five personality traits of the Big Five personality theory, involving the appreciation for adventure, curiosity, and a range of experiences.

Agreeableness

A personality trait characterized by compassion, cooperativeness, and a desire to avoid conflict, part of the Big Five personality model.

Neuroticism

A personality trait characterized by a long-term tendency to experience negative emotional states, including anxiety, fear, moodiness, worry, envy, frustration, jealousy, and loneliness.