Under a Perpetual Inventory System

question 180

Multiple Choice

Under a perpetual inventory system,

• A)accounting records continuously disclose the amount of inventory.
• B)increases in inventory resulting from purchases are debited to purchases.
• C)there is no need for a year-end physical count.
• D)the account purchase returns and allowances is credited when goods are returned to vendors.

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Definitions:

Relational Cohesion Theory

A theory that explains the development of strong interpersonal bonds in social groups through repeated positive interactions and emotional attachments.

Cognitive Dissonance Theory

A theory proposing that people experience discomfort (dissonance) when their beliefs, knowledge, or behaviors are inconsistent, leading them to attempt to reduce the dissonance and restore harmony.

Social Identity Theory

Social Identity Theory explains how individuals derive part of their identity from the groups they belong to, influencing their behaviors and attitudes in intergroup contexts.

Cohesive

Characterized by unity and the tendency of a group or material to stick together.