Risk Implies That There Are Certain Parameters That Have _____

question 32

Multiple Choice

Risk implies that there are certain parameters that have _____ outcomes.

• A)probabilistic
• B)complex
• C)unknown
• D)uncertain
• E)irrational

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Definitions:

Periodic System

A method of inventory valuation for financial statements where purchases during the period are recorded directly to an inventory account and the cost of goods sold is determined at the end of the accounting period.

Purchase Discounts

A reduction in the purchase price, allowed by the seller to encourage early payment by the buyer.

Accounts Payable

An account representing the amounts a company owes to suppliers or creditors for goods or services received but not yet paid for, typically a current liability on the balance sheet.

Perpetual Inventory System

An inventory system that updates the quantity and cost of inventory immediately following purchase or sale activities.