Regarding a Periodic Inventory System,which of the Following Statements Is

question 164

Multiple Choice

Regarding a periodic inventory system,which of the following statements is incorrect?

• A) The periodic inventory system is normally used for relatively expensive goods.
• B) Restaurants and small retail stores normally use the periodic inventory system.
• C) Periodic inventory systems are becoming less and less popular.
• D) The physical count of inventory is required in order to determine the quantities on hand.

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Definitions:

Product Assessment

The process of evaluating a product’s performance, quality, and market potential.

New-product Strategy Development

The overall process and planning involved in identifying market opportunities and creating new products to fulfill those opportunities.

Firm's Overall Objectives

The broad, general goals of a business organization, encompassing profitability, growth, market share, and brand reputation among others.

Commercialization

The process of introducing a new product or service into the market, involving activities from development to sales.