The Primary Area of Growth in the Modern U

question 46

Multiple Choice

The primary area of growth in the modern U.S. economy is

• A) the manufacturing sector.
• B) the agricultural sector.
• C) the service sector.
• D) the market for U.S. exports.

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Definitions:

Perpetual Inventory System

An inventory management system where updates are made continuously to the inventory records to reflect sales, purchases, and returns in real-time.

Credit Memo

A credit memo is a document issued by a seller to a buyer, reducing the amount that the buyer owes the seller under the terms of an earlier invoice.

Perpetual Inventory System

An accounting method that records the sale or purchase of inventory immediately through computerized point-of-sale systems and Enterprise Resource Planning systems.

Periodic Inventory System

An inventory accounting system where updates to inventory levels are made at specific intervals, rather than continuously.