Under the Perpetual Inventory System, Which of the Following Accounts

question 107

Multiple Choice

Under the perpetual inventory system, which of the following accounts would not be used?

• A)Sales
• B)Purchases
• C)Cost of Goods Sold
• D)Inventory

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Definitions:

Violation

The act of breaking or failing to comply with a rule, agreement, or law.

Agency Agreement

A legal contract in which one party (the agent) agrees to act on behalf of another party (the principal) in business transactions or other matters.

Terminate

To bring to an end or to conclude something such as an agreement, employment, or process.

Principal Duty

The main or most important obligation that a party has under a contract or agreement.