Which of the Following Is a Characteristic of a Periodic

question 4

Multiple Choice

Which of the following is a characteristic of a periodic inventory system?

• A) The system does not maintain a continuous record of the quantities of inventory on hand or inventory sold
• B) The system reports how much inventory is on hand at all times.
• C) The computer tracks inventory upon a sale, and the cost of goods and inventory are immediately updated.
• D) Purchases of inventory are recorded to the inventory account.

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Definitions:

Loan Default

The failure to meet the legal obligations or conditions of a loan, such as not making the scheduled payments.

Malpractice Action

A legal lawsuit initiated because of professional negligence or failure to perform a professional duty, usually against a healthcare provider or lawyer.

Accountants

Accountants are professionals adept in managing financial records, ensuring accuracy in reporting, and compliance with financial laws and regulations.

Real Estate Brokers

Licensed professionals who arrange the sale, lease, or management of properties and advise clients on market conditions, prices, and mortgages.