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:

Market Introduction

The initial stage of launching a new product or service into the market, focusing on building awareness and gaining initial customers or users.

Market Research

The process of gathering, analyzing, and interpreting information about a market, including its potential customers and competitors.

Launching New Cereals

The process of introducing new cereal products to the market, involving activities such as market research, product development, and promotional strategies.

Without Conducting Research

Proceeding to make decisions or form opinions without gathering information, data, or evidence to support those conclusions.