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

---

Definitions:

Nature

The physical world and ecosystem surrounding us, including plants, animals, landscapes, and environmental processes.

Shared Ideas

Thoughts, concepts, or notions that are commonly or mutually held, understood, or accepted by a group of people.

Nature Says Go

Suggests an innate or instinctual impulse to take action or move forward, often related to growth, survival, or reproductive instincts.

Culture Says Stop

Implies that cultural norms and values can act as barriers or limits on certain behaviors, practices, or beliefs.