Under the Periodic Inventory System

question 100

Multiple Choice

Under the periodic inventory system:

• A) the inventory account is always up-to-date.
• B) the purchases account is an asset account.
• C) an entry to reduce inventory must be made at the time a sale is recorded.
• D) an entry must be made at the end of the period to transfer purchases to cost of goods sold.

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Definitions:

Endangered

Refers to species that are at risk of extinction due to a significant decline in population or habitat.

Fruit-Eating Bats

Bat species that play a crucial role in ecosystems by pollinating plants and dispersing seeds while feeding on fruit.

Habitat Islands

are patches of a particular type of habitat, such as forests or wetlands, isolated from one another by contrasting habitats, like urban or agricultural areas.

National Parks

Protected areas designated for the conservation of natural environments, biodiversity, and cultural heritage, and for public enjoyment.