Which One of the Following Is Correct

question 80

Multiple Choice

Which one of the following is correct?

• A)Inventory losses can be identified and controlled better under the perpetual system.
• B)Inventory can only be sold at the end of an accounting period under the periodic system.
• C)There is no difference in cost to implement a perpetual as compared to a periodic system.
• D)The perpetual system eliminates the need for an annual inventory count.

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Definitions:

Social Security

The U.S. social insurance program financed by a federal payroll tax that provides disability, retirement, and death benefits.

National Debt

The total amount of money that a country's government has borrowed, by various means, to finance its spending that exceeds tax revenues.

Deficit

An economic condition when a government's expenditures exceed its revenues, leading to borrowing or spending reserves.

National Debt

The sum of funds that a nation's government has acquired through different borrowing methods.