The Inventory System That Uses the Merchandise Inventory Account as an Active

question 150

Multiple Choice

The inventory system that uses the merchandise inventory account as an active account is called the:

• A)periodic system.
• B)perpetual system.
• C)LIFO system.
• D)FIFO system.

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Definitions:

Business Firms

Entities that engage in commercial, industrial, or professional activities, either for profit or non-profit objectives.

Unemployment Rate

The quantification of jobless individuals in the labor force who are earnestly seeking employment.

Full Employment

A situation in which all available labor resources are being used in the most economically efficient way, often characterized by low unemployment.

Usually Operates

How something commonly functions or is conducted in regular circumstances.