Which of the Following Is True of a Purchases Journal

question 109

Multiple Choice

Which of the following is true of a purchases journal?

• A)In a purchase journal, the Merchandise Inventory DR column would be replaced with a column titled Cost of Goods Sold DR for a periodic inventory system.
• B)Cash purchases are recorded in the purchases journal.
• C)A purchases journal is not used for a perpetual inventory system.
• D)In a purchases journal, the Other Accounts DR columns are used for purchases on account of items other than merchandise inventory and office supplies.

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Definitions:

Error

The difference between a measured or estimated value and the true value.

Slope

In mathematics, the rate of change or gradient of a line, indicating its steepness and direction.

Population Regression Line

The line that best describes the relationship between an independent variable and a dependent variable for the entire population.

Population Coefficient

A parameter that quantifies a certain characteristic or attribute of a population.