Which Statement Is Not Correct About the Periodic Inventory System

question 104

Multiple Choice

Which statement is not correct about the periodic inventory system for inventory management?

• A)The periodic inventory system keeps continuous information about the amount of inventory on hand.
• B)The cost of goods sold is a calculated number under the periodic inventory system.
• C)Under both the periodic and perpetual systems, the final amounts reported in financial statements are the same.
• D)The perpetual inventory system provides more information to allow an enterprise to better manage its inventories.

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Definitions:

Flexible Leadership Theory

A management perspective that suggests successful leaders are those who can adapt their style to the demands of different situations.

Direct Behavior

Actions that are deliberate and intentional, often aiming to influence or guide others towards achieving specific goals or outcomes.

Leadership Succession

The process of identifying and preparing new leaders to take over leadership roles within an organization.

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Top-ranking corporate officers who have the ultimate decision-making responsibility and oversee the entire operation of an organization.