When the Periodic Inventory System Is Used,a Physical Inventory Does

question 34

True/False

When the periodic inventory system is used,a physical inventory does not need to be taken at the end of the fiscal year.

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Definitions:

Accounts

Represents records in accounting that track financial transactions of various types, such as assets, liabilities, equity, expenses, and revenue.

Accumulated Depreciation

The entire value of the depreciation expense assigned to a tangible asset since its initial use.

Balance Sheet

A financial record that itemizes a company's assets, liabilities, and the equity of its shareholders at a certain moment in time.

Delivery Truck

A vehicle used by companies to transport goods from warehouses to retail locations or directly to consumers.