When a Perpetual Inventory System Is Used, Which of the Following

question 185

Multiple Choice

When a perpetual inventory system is used, which of the following is a purpose of taking a physical inventory?

• A)To check the accuracy of the perpetual inventory records
• B)To determine cost of goods sold for the accounting period
• C)To compute inventory ratios
• D)All are a purpose of taking a physical inventory when a perpetual inventory system is used.

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Definitions:

Qualitatively Different

A term used to describe differences that cannot be measured by numbers alone, often involving distinct categories or types rather than amounts or degrees.

Environmental Influences

Factors outside the individual, such as social, cultural, and physical environments, that affect behaviors, attitudes, and development.

Schemas

Mental structures that an individual uses to organize knowledge and guide cognitive processes and behavior.

Abstract Thought

The ability to think about objects, principles, and ideas that are not physically present, a key component of higher-level cognition.