When a Periodic Inventory System Is Used,________

question 211

Multiple Choice

When a periodic inventory system is used,________.

• A)an adjusting entry is needed to record the ending Merchandise Inventory account balance
• B)the process for closing the Income Summary and Dividends accounts differs from the process used in the perpetual inventory system
• C)beginning Merchandise Inventory,Purchases,and Freight In accounts are closed via the Income Summary Account
• D)there is no need to take a physical count of inventory

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Definitions:

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A victorious uprising of self-emancipated slaves against the French colonial authority in Saint-Domingue, presently known as Haiti, from 1791 to 1804, aimed at abolishing slavery and colonial dominance.

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