The Periodic Inventory System Requires Updating the Inventory Account Only

question 45

True/False

The periodic inventory system requires updating the inventory account only at the end of the period to reflect the quantity and cost of both the goods available and the goods sold.

---

Definitions:

Scrotum

The pouch of skin containing the testicles in male mammals.

Glans Penis

The rounded head (or tip) of the penis.

Prepuce

The fold of skin that covers the glans of the penis in males or surrounds the clitoral glans in females, also known as foreskin in males.

Ovary

A female reproductive organ in which oocytes (eggs) are produced, and hormones like estrogen and progesterone are secreted.