Which of the Following Accounts Is Used in the Periodic

question 94

Multiple Choice

Which of the following accounts is used in the periodic inventory system but not used in the perpetual inventory system?

• A) Sales
• B) Merchandise Inventory
• C) Purchases
• D) Accounts Payable
• E) Sales Returns and Allowances

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Definitions:

Business Cycle

A recurring sequence of economic expansion and contraction phases experienced by a country's economy.

Public Debt

The total amount of money owed by the government to creditors, which can include domestic or foreign individuals, corporations, or other governments.

National Debt

The total amount of money that a country's government has borrowed, typically as a result of budget deficits.

Budget Surpluses

occur when a government's revenues exceed its expenditures during a specific period of time.