Indicate Whether Each of the Following Statements Is True or False.(Assume

question 45

Short Answer

Indicate whether each of the following statements is true or false.(Assume a perpetual inventory system. )
_____ a)In a perpetual inventory system,an employee theft is discovered immediately.
_____ b)No adjusting entry is required for inventory losses under a perpetual inventory system.
_____ c)Inventory shrinkage is calculated as the difference between the beginning and ending balances in the merchandise inventory account.
_____ d)In a perpetual inventory system,adjustments for lost,damaged or stolen merchandise are recorded as expenses.
_____ e)The entry to record inventory losses due to employee theft or shoplifting has a negative effect on the statement of cash flows.

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Definitions:

Roles

The functions or parts played by individuals in a particular social context, influencing how they behave and interact with others.

Own Traits

Personal characteristics or qualities that an individual identifies as being part of their self-concept.

Situation

A set of circumstances or the context in which an event occurs.

Cars

Motor vehicles with four wheels designed primarily for passenger transportation on roads.