When Recording the Sale of Merchandise Inventory,using a Periodic Inventory

question 195

Multiple Choice

When recording the sale of merchandise inventory,using a periodic inventory system,________.

• A)a running record of merchandise inventory is maintained during the accounting period
• B)the Sales Revenue account is credited only as an adjusting entry because sales information is not needed during the accounting period
• C)sales discounts and sales returns and allowances are not recorded
• D)there is no need to record an entry to the Merchandise Inventory and the Cost of Goods Sold accounts

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Definitions:

Argument

An argument is a value or variable passed to a function, procedure, or program in computing.

#define SQUARE

A preprocessor directive in C and C++ used to define a macro named SQUARE.

Command Line

An interface where users type commands to perform specific tasks in an operating system, as opposed to using a graphical user interface (GUI).

Standardize Arguments

The process of making function arguments follow a consistent format or protocol to ensure interoperability.