Which of the Following Does NOT Correctly Describe a Periodic

question 221

Multiple Choice

Which of the following does NOT correctly describe a periodic inventory system?

• A)Cost of goods sold is calculated every time a sale is made.
• B)Cost of goods sold is a residual amount.
• C)Assuming a FIFO cost flow, cost of goods sold would equal those that calculated by the
• Perpetual system.
• D)Inventory and cost of goods sold must be updated at the end of the period.
• Inventory 8 - 17

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Definitions:

Homeostasis

The process by which biological systems tend to maintain stability while adjusting to conditions that are optimal for survival.

Primary Drives

Basic, innate urges that motivate behavior necessary for survival, such as hunger, thirst, sleep, and avoidance of pain.

Secondary Drives

Learned drives that are derived from primary drives or arising from learned associations with satisfying basic needs.

Need

A requirement of some material (such as food or water) that is essential for survival of the organism.