Lee Is a Foreign Exchange Student

question 74

True/False

Lee is a foreign exchange student.His native country is Korean.Because he is interested in how the American system of government functions,he decides to learn about elections.He goes to the courthouse and registers to vote.In filling out the voter registration form,Lee falsely notes that he is a U.S.citizen.A few weeks later,Lee receives a voter registration card in the mail.Lee has committed no offense because the election clerk has the legal duty to confirm that prospective voters meet all of the qualifications.

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Definitions:

Merchandise Inventory

Goods that a retailer, wholesaler, or distributor holds for the purpose of selling to customers in the normal course of business.

Perpetual Inventory System

A method of accounting for inventory that records real-time transactions of goods as they come in and out of stock, thus maintaining a continuously updated inventory balance.

Periodic System

A method of inventory valuation for financial statements where purchases during the period are recorded directly to an inventory account and the cost of goods sold is determined at the end of the accounting period.