When Using a Periodic Inventory System

question 71

Multiple Choice

When using a periodic inventory system,

• A) a Purchases account is not used.
• B) a Cost of Goods Sold account is used.
• C) two entries are required to record a sale.
• D) a Cost of Goods Sold account is not used.

---

Definitions:

Market-product Grid

A matrix used to analyze market segments versus products to identify opportunities for market growth and product development.

Meal Occasion

A specific time or event when food is consumed, often characterized by the type of food, the setting, and the company present.

Urban University

A higher education institution located in an urban area that integrates with the city environment.

Target Market Segments

Specific subsets of a market that a company aims to capture or serve with its products or services, based on shared characteristics or needs.