Under the Periodic Inventory System,cost of Goods Sold Is Treated

question 85

True/False

Under the periodic inventory system,cost of goods sold is treated as an account.

---

Definitions:

Internal Revenue Service

The U.S. government agency responsible for the collection of taxes and enforcement of tax laws.

Expressed Powers

Specific powers granted to the government or its branches explicitly mentioned in a constitution, particularly the United States Constitution.

Confederal System

A form of government where power is distributed among several independent states, which retain full control over their internal affairs but cooperate on certain issues.

Central Government

The national government of a sovereign state that holds the authority to govern the country as a whole.