Under a Perpetual Inventory System

question 180

Multiple Choice

Under a perpetual inventory system,

• A)accounting records continuously disclose the amount of inventory.
• B)increases in inventory resulting from purchases are debited to purchases.
• C)there is no need for a year-end physical count.
• D)the account purchase returns and allowances is credited when goods are returned to vendors.

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Definitions:

Independent Variable

A variable in an experiment that is manipulated or changed to observe its effect on a dependent variable.

Dependent Variable

In statistical analysis, this is the variable that is being tested and measured, often seen as the outcome influenced by independent variables.

Marginal Mean

The mean of a variable across levels of another variable, typically in the context of analysis of variance.

Means

Refers to the mathematical average of a set of numbers or quantities, carrying the same definition but rephrased for clarity.