When the Perpetual Inventory System Is Used, Where Can the Best

question 108

Multiple Choice

When the perpetual inventory system is used, where can the best estimate of the amount of inventory on hand be found?

• A)On the previous period's balance sheet
• B)In the Inventory account
• C)By applying the gross margin method
• D)By subtracting sales for the period from the beginning Inventory account balance

---

Definitions:

New Job

The beginning phase of employment in a different position or with a new employer.

Death of a Parent

A significant and often traumatic event in a person's life involving the loss of a mother, father, or guardian.

MSCEIT

An acronym for the Mayer-Salovey-Caruso Emotional Intelligence Test, which measures different aspects of emotional intelligence.

Emotional Intelligence

The ability to understand, use, and manage one's own emotions in positive ways to relieve stress, communicate effectively, and empathize with others.