When a Periodic Inventory System Is Used,________

question 139

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 account differs from the process used in the perpetual inventory system
• C) beginning Merchandise 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:

Aging Population

A demographic trend characterized by an increase in the proportion of older individuals within a society, often leading to social, economic, and healthcare challenges.

Healthier Lifestyles

Practices or habits that improve an individual's overall health and well-being, such as regular physical activity, balanced nutrition, and adequate rest.