When a Periodic Inventory System Is Used,________

question 38

Multiple Choice

When a periodic inventory system is used,________.

• A)an adjusting entry is needed to record the ending Merchandise Inventory account balance
• B)the process for closing the Income Summary and Owner's Withdrawals accounts differs from the process used in the perpetual inventory system
• C)beginning Inventory,Purchases,and Freight In accounts are closed via the Income Summary Account
• D)there is no need to take a physical count of inventory

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Definitions:

External Attribution

The process of attributing the cause of one's own or others' behavior to external factors or the situation, rather than to internal characteristics.

First-level Outcomes

Initial results or consequences of actions, often serving as indicators for further developments or achievements.

Expectancy Model

A psychological theory that explains motivation as a function of an individual's expectations about their ability to perform tasks and the expected outcomes of those tasks.

Equity Model

A theoretical framework that suggests fairness and equality in relationships or transactions leads to satisfaction and productivity.