When a Periodic Inventory System Is Used,________

question 183

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 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:

General Assembly

A term that can refer to a deliberative body of members, notably within organizations or multinational entities, tasked with making key decisions.

Yearly Sessions

Regularly scheduled gatherings that occur once a year, typically for planning, assessment, or legislative purposes.

Resolutions

Resolutions are formal decisions or statements of intent adopted by organizations or groups, often as a result of discussion and agreement.

Multilateral Organization

An international institution or group involving three or more countries working together on issues of common interest.