Which of the Following Is a True Statement About Inventory

question 128

Multiple Choice

Which of the following is a true statement about inventory systems?

• A) Periodic inventory systems require more detailed inventory records.
• B) Perpetual inventory systems require more detailed inventory records.
• C) A periodic system requires cost of goods sold be determined after each sale.
• D) A perpetual system determines cost of goods sold only at the end of the accounting period.

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Definitions:

Extinction

In psychology, the gradual weakening and eventual disappearance of a conditioned response when the conditioned stimulus is no longer paired with the unconditioned stimulus.

Spontaneous Recovery

The reappearance of a previously extinguished conditioned response after a period of time without exposure to the conditioned stimulus.

Classical Conditioning

The process of acquiring knowledge by associating a naturally existing stimulus with one from the environment.

Extinction Procedure

A process in behavioral psychology that involves the gradual diminishment of a conditioned response by ceasing to pair the conditioned stimulus with the unconditioned stimulus.