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:

Brain Activity

The functioning of the brain as evidenced by electrical, chemical, or metabolic changes.

Recollections

Memories or the act of retrieving past experiences or information from one's memory.

Mental Processes

Internal, covert activities of our minds such as thinking, feeling, and remembering.

Cognitive Revolution

A shift in psychology, beginning in the mid-20th century, that focuses on the scientific study of the mind and its processes, emphasizing areas such as memory, language, and problem-solving.