When Using Special Journals for Recording and Posting Transactions, It

question 106

Multiple Choice

When using special journals for recording and posting transactions, it does not matter if it is a perpetual inventory or periodic inventory system.

• A) They are exactly the same processes and accounts.
• B) They are essentially the same with two exceptions 1) relating to account titles used and 2) the need under one for an additional column for COGS.
• C) The two are completely different.
• D) It is not possible to identify the type of inventory system being used from the special journal.

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Definitions:

Maximum

The highest value in a data set.

Multivariate Statistics

A subset of statistics encompassing the simultaneous observation and analysis of more than one outcome variable.

Significant Differences

A term used in statistics to indicate that the differences observed between groups or variables are unlikely to have occurred by chance.

Generalize Findings

The process of applying the results of a study or conclusion beyond the specific contexts or participants studied.