Which Statement Is false

question 93

Multiple Choice

Which statement is false?

• A)Taking a physical inventory involves actually counting, weighing, or measuring each kind of inventory on hand.
• B)No matter whether a periodic or perpetual inventory system is used, all companies need to determine inventory quantities at the end of each accounting period.
• C)An inventory count is generally more accurate when goods are not being sold or received during the counting.
• D)Companies that use a perpetual inventory system must take a physical inventory to determine inventory on hand on the balance sheet date and to determine cost of goods sold for the accounting period.

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Definitions:

Intermediate-Range Plans

Planning strategies that focus on a medium-term horizon, typically ranging from one to five years, balancing short-term and long-term objectives.

Long-Range Plans

Formulating strategies and goals for an extended time frame to guide an organization towards its vision.

Future

Pertains to the time or period that is to come after the present.

Strategic Plans

Long-term roadmaps designed by organizations to align their resources and actions with mission, vision, and strategic goals.