Under a Periodic Inventory System, to Remove the Beginning Inventory

question 55

True/False

Under a periodic inventory system, to remove the beginning inventory from the books, the Income Summary account is credited for the amount of the beginning inventory.

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Definitions:

Deuterostomes

Animals characterized by the development of the anus from the first opening in the embryo, with the mouth forming later, including vertebrates and some invertebrates.

Protostomes

A group of animals characterized by developing the mouth before the anus during embryonic development, includes mollusks and arthropods.

Determinate Cleavage

Type of cleavage, characteristic of protostomes, in which the fate of each cell is determined when the cell is produced. Compare with indeterminate cleavage.

Deuterostomes

A group of animals characterized by their embryonic development; during which the anus forms before the mouth.