Which of the Following Accounts Is Used in the Periodic

question 94

Multiple Choice

Which of the following accounts is used in the periodic inventory system but not used in the perpetual inventory system?

• A) Sales
• B) Merchandise Inventory
• C) Purchases
• D) Accounts Payable
• E) Sales Returns and Allowances

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Definitions:

Sales Price

The amount a buyer pays to purchase a product or service.

Net Present Value

The current value of an investment's projected earnings, discounted at an appropriate interest rate, minus the initial capital cost.

Required Rate

The lowest return an investor is willing to accept on an investment to deem it as profitable.

Marginal Tax Rate

The rate at which the last dollar of a taxpayer's income is taxed, indicating the rate of tax that applies to their highest bracket of income.