All of the Following Statements Are True Regarding the Periodic

question 74

Multiple Choice

All of the following statements are true regarding the periodic inventory system except

• A)Under the periodic inventory system, the balance of cost of goods sold is calculated at the end of the period.
• B)Under the periodic inventory system, the balance in ending inventory is calculated at the end of the period.
• C)Using the periodic inventory system affects the balance sheet contents differently than when the perpetual system is used.
• D)Under the periodic system, a company uses separate accounts to record freight costs, returns, and discounts.

---

Definitions:

Humanistic Approach

The Humanistic Approach in psychology emphasizes individual potential and stresses the importance of growth and self-actualization.

Subjective Nature

The characteristic of being grounded in or swayed by individual emotions, preferences, or viewpoints.

Self-concept

An individual's perception of themselves, including beliefs, feelings, and thoughts about one's abilities, appearance, and values.

Eysenck's Higher-order

A description of personality that is based on Eysenck’s hierarchical model of personality, focusing on higher-order traits such as extraversion, neuroticism, and psychoticism.