In a Periodic Inventory System the Quantity of Ending Inventory

question 16

Multiple Choice

In a periodic inventory system the quantity of ending inventory is determined by

• A)subtracting units sold from units purchased.
• B)a physical inventory count.
• C)looking at the balance in the inventory account.
• D)subtracting cost of goods sold from the beginning inventory balance.
• E)adding units sold to the beginning inventory balance.

Distinguish between different types of errors that can affect the trial balance and understand their implications.

Identify and classify accounts as assets, liabilities, and equity and understand their role in the accounting equations.

Explain the functions and differences between ledgers and charts of accounts.

Understand the relationship between transactions, journal entries, and their impact on the financial statements.

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