Under a Perpetual Inventory System, Acquisition of Merchandise for Resale

question 45

Multiple Choice

Under a perpetual inventory system, acquisition of merchandise for resale is debited to

• A)the Inventory account.
• B)the Purchases account.
• C)the Supplies account.
• D)the Cost of Goods Sold account.

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Definitions:

Dimensions

Aspects or features that can be measured in terms of length, width, height, or depth.

Gossip

Informal and often sensational talk about other people that may not be confirmed as true.

Accuracy

The level of correctness or precision in information, measurements, or outcomes.

Active Listening

A communication technique involving fully concentrating, understanding, responding, and then remembering what is being said.