In a Periodic Inventory System the Ending Inventory Must Be

question 52

Multiple Choice

In a periodic inventory system the ending inventory must be determined by

• A)external auditors.
• B)physical count.
• C)a certification of inventory.
• D)reference to a running inventory balance.

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Definitions:

General Partner

In a partnership, a party who assumes full liability for the partnership's debts and responsibilities.

Limited Partner

A type of investor in a partnership who has limited liability and is not involved in the day-to-day management of the business.

Profits

The financial gain obtained after subtracting all expenses, costs, and taxes from revenue.

Low-profit Limited Liability Companies

Business entities that blend nonprofit and for-profit elements, focusing on social goals while being able to generate profit.