Which of the Following Is True of a Purchases Journal

question 121

Multiple Choice

Which of the following is true of a purchases journal?

• A)For a periodic inventory system,the Merchandise Inventory DR column is replaced with a column titled Cost of Goods Sold DR.
• B)Cash purchases are recorded in the purchases journal.
• C)For a perpetual inventory system,a column titled Purchases DR is needed.
• D)The Other Accounts DR column is used for purchases on account of items other than merchandise inventory and office supplies.

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Definitions:

Financial Ties

The connections or relationships between individuals or entities that involve monetary transactions or investments.

Corporate Social Responsibility

A business model that helps a company be socially accountable to itself, its stakeholders, and the public, by practicing ethical, sustainable, and community-friendly actions.

Government Intervention

Actions taken by a government to affect or interfere with the economic or social activities in a country, often to correct market failures.

Socially Responsible

Socially responsible describes entities that act in ways that benefit society at large, including ethical behavior, environmental sustainability, and community support.