Economic Values That Are Measured in Units Per Period of Time

question 66

Multiple Choice

Economic values that are measured in units per period of time are referred to as:

• A) stocks.
• B) flows.
• C) unit values.
• D) dollars.

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Definitions:

Periodic Inventory System

An inventory system that, at the end of each accounting period, calculates the cost of the unsold goods on hand by taking the cost of each unit times the number of units of each product on hand.

Merchandise

Goods or products that a retailer buys to sell to consumers, especially in the context of physical goods stocked in a store.

Vouchers Payable

An accounting term referring to an obligation or liability of a company to pay a debt evidenced by a voucher.

Control Features

Mechanisms, policies, or procedures implemented to safeguard assets, ensure accurate and reliable financial data, and promote operational efficiency.