Under the Periodic Inventory System,which of the Following Statements Is

question 235

Multiple Choice

Under the periodic inventory system,which of the following statements is correct?

• A) During the period, the business records the cost of all inventory bought in the Merchandise Inventory account.
• B) Purchase Returns and Allowances and Purchase Discounts are contra expense accounts.
• C) Freight in is debited to the Purchases account.
• D) Purchase discounts are recorded as credits to the Purchases account.

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Definitions:

Predatory Behavior

Business behavior undertaken with the intention of unlawfully driving competitors out of the market.

Business Behavior

The actions and decisions by a business in relation to its market environment, including ethics, strategy, and interaction with stakeholders.

Socioeconomic

Relating to or concerned with the interaction between social and economic factors.

Trespass to Land

An unlawful intrusion or occupation of someone's property without permission, which can result in civil legal action.