When Using the Periodic Inventory System,the Merchandise Inventory Account Is

question 79

Multiple Choice

When using the periodic inventory system,the Merchandise Inventory account is ________.

• A) not used
• B) never used when recording purchase discounts, or returns of inventory
• C) replaced on the balance sheet with the Purchases account
• D) updated after each sale

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Definitions:

Hoarding Disorder

A psychiatric disorder characterized by persistent difficulty discarding or parting with possessions, regardless of their actual value, leading to clutter and impairing living spaces.

Hallucinations

Perceptions experienced without an external stimulus, appearing real but created by the mind, often seen in psychiatric conditions.

Anxiety

Experiencing uneasiness, tension, or fear because of an event with an unknown conclusion.

Depression

A common but serious mood disorder that affects how a person feels, thinks, and handles daily activities.