Which of the Following Does NOT Correctly Describe a Perpetual

question 39

Multiple Choice

Which of the following does NOT correctly describe a perpetual inventory system?

• A) Cost of goods sold is calculated every time a sale is made.
• B) Assuming shrinkage of zero, inventory and cost of goods sold do not have to be updated at the end of the period.
• C) The use of this system eliminates the requirement for an annual physical inventory count.
• D) Assuming a FIFO cost flow, cost of goods sold would equal that calculated by the periodic system.

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Definitions:

Epigenetic Factors

External modifications to DNA that turn genes on or off without changing the DNA sequence, affecting how cells read genes.

Viral Infections

Diseases caused by viruses that can affect various parts of the body, ranging from the common cold to more severe illnesses.

Selective Attention

The cognitive process of focusing on a particular object in the environment for a certain period while ignoring others; it is a mechanism of information processing.

Identical Genes

A term that refers to having exactly the same DNA sequence in a particular gene across different individuals, typically seen in monozygotic (identical) twins.