The Periodic Inventory System Operates By

question 32

Multiple Choice

The periodic inventory system operates by:

• A) keeping track of inventory as it comes into the organisation and as it leaves.
• B) counting inventory at regular intervals to establish how much of each item is on hand.
• C) assuming that the inventory that came in first is the first to be sold.
• D) tracking the cost of specific items of inventory to the products sold by grouping items according to cost drivers.

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Definitions:

Civil War

A war between factions or regions within the same country, often centered on disputes over governance, territory, or ideology.

Freed Slaves

Individuals who were liberated from slavery, particularly in the context of the American Civil War and the Emancipation Proclamation.

Assassinated

The act of killing someone suddenly and deliberately, especially a prominent or important person, for political or ideological reasons.

Lincoln

The 16th President of the United States, Abraham Lincoln, who led the country during the Civil War and worked to abolish slavery.