For Each of the Following Statements, State Whether It Applies

question 212

Essay

For each of the following statements, state whether it applies to a periodic inventory system (periodic) or a perpetual inventory system (perpetual).
$$\begin{array} {| l | l| } \hline \text { Statement } & \text { Periodic or Perpetual } \\\hline \text { Merchandise inventory and purchasing } & \\\text { pystems are integrated with the records } & \\\text { for Accounts Receivable and Sales } & \\\text { Revenue. } & \\\hline \text { This system is often used by restaurants } & \\\text { and small retail stores. } & \\\hline \text { The physical count captures inventory } & \\\text { transactions that are not recorded by the } & \\\text { electronic system. }\\\hline\end{array}$$

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Definitions:

Imports

Goods and services bought by a country from foreign countries, which can range from raw materials to finished products.

Exports

are goods or services produced in one country and sold to buyers in another, representing a key component of international trade.

Net Exports

Net exports represent the difference between a country's exports and imports of goods and services.

GDP

Describing the entire market price of all final products and services created within the confines of a country throughout a given timeframe as Gross Domestic Product.