The Main Difference in the Sales Journal Under the Perpetual

question 83

Multiple Choice

The main difference in the sales journal under the perpetual and periodic inventory system is:

• A) The sales tax payable column is used under the perpetual system but not the periodic.
• B) The column for recording cash is used under the perpetual system but not the periodic.
• C) The sales tax receivable column is used under the perpetual system but not the periodic.
• D) The perpetual system has a column to record cost of goods sold but the periodic system does not.
• E) The accounts receivable column is used under the perpetual system but not the periodic.

Recognize the implications of consignment and ownership issues on inventory counts.

Assess the efficiency and effectiveness of inventory management through specific metrics.

Understand the impact of natural disasters or errors on the need for inventory estimation methods.

Grasp the concept of net realizable value and its application in inventory valuation.

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Definitions:

Content Effects

The impact that the subject matter or content has on the processing, understanding, and memory of information, which can vary depending on the relevance or familiarity of the content.

Confirmation Bias

A tendency to seek only information consistent with one’s hypothesis.

Information

Data or knowledge communicated or received concerning a particular fact, subject, or event.

Formal Reasoning

A cognitive process involving the use of logical operations or established principles to arrive at conclusions, often associated with higher-order thinking and problem-solving.