When Using the Periodic System the Physical Inventory Count Is

question 115

Multiple Choice

When using the periodic system the physical inventory count is used to determine

• A)only the sales value of goods in the ending inventory.
• B)both the cost of the goods in ending inventory and the sales value of goods sold during the period.
• C)both the cost of the goods sold and the cost of ending inventory.
• D)only the cost of merchandise sold during the period.

---

Definitions:

Organic Material

Material that is derived from living organisms, including plants, animals, and their by-products, which is capable of decomposition by microorganisms.

Soil Horizon

A layer parallel to the soil surface, whose physical characteristics differ from the layers above and beneath, as part of soil structure.

Net Primary Productivity

The rate at which plants in an ecosystem produce net useful energy (biomass) after accounting for the energy consumed through the process of respiration.

Ecosystem

A biological community of interacting organisms and their physical environment, considered a system through which nutrients are cycled and energy flows.