Merchandise Inventory Accounting Systems Can Be Broadly Categorized into Two

question 271

Multiple Choice

Merchandise inventory accounting systems can be broadly categorized into two types.They are ________.

• A) FIFO and LIFO
• B) perpetual and periodic
• C) wholesale and retail
• D) manufacturer and producer

---

Definitions:

Elected

Chosen by voters to hold a specific public office or position through a formal voting process.

Appointed

Selected or designated for a position or duty, often by an authority or through a formal process.

Reversible Error

A legal error at the trial court level that is significant enough to have affected the outcome of the case. It is grounds for reversal of the judgment on appeal.

Procedural Error

Mistakes made in the legal processes during a lawsuit or trial that can affect the outcome or fairness of the proceedings.