When Recording the Sale of Merchandise Inventory,using a Periodic Inventory

question 251

Multiple Choice

When recording the sale of merchandise inventory,using a periodic inventory system,________.

• A) a running record of merchandise inventory is maintained during the accounting period
• B) the Sales Revenue account is credited only as an adjusting entry because sales information is not needed during the accounting period
• C) sales discounts are not recorded
• D) there is no need to record an entry to the Merchandise Inventory and the Cost of Goods Sold accounts

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Definitions:

Internal Communication

The transmission of information and messages within an organization among its members or employees.

Text Messaging

The act of sending short messages electronically, typically from one mobile phone to another.

Abbreviations

Shortened forms of words or phrases, used to save space or avoid repetition.

Written Communication

The process of conveying messages or information through written texts, including letters, emails, reports, and social media postings.