Which One of the Following Statements Is False

question 86

Multiple Choice

Which one of the following statements is false?

• A) A company using the periodic system does not maintain a continuous record of the physical quantities or costs) of inventory on hand.
• B) In the periodic system, the costs of acquisition of inventory are debited directly to an inventory account.
• C) In the perpetual inventory system, recording in detailed subsidiary records can be in units only, not in dollar costs.
• D) When the perpetual system is used, a physical count still needs to be made periodically.

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Definitions:

Labor Supplied Exceeding

A situation where the quantity of labor offered by workers exceeds the quantity demanded by employers.

Structural Unemployment

Occurs when there is a mismatch between the skills that workers offer and the skills demanded by employers, often due to technological changes or shifts in the economy.

Short Spells Of Unemployment

Short spells of unemployment refer to brief periods during which an individual is without a job and actively seeking work.

Frictional Unemployment

Unemployment that occurs when people are in between jobs or are entering the workforce for the first time, typically a temporary condition.