All of the Following Are Reasons to Use an Estimated

question 65

Multiple Choice

All of the following are reasons to use an estimated method of costing inventory except:

• A) Perpetual inventory records are not maintained.
• B) Purchase records are not maintained.
• C) A disaster has destroyed the inventory records and the inventory.
• D) Interim financial statements are required but physical inventory is only taken at the end of the financial accounting period.

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Definitions:

Polygenic

Pertaining to a trait or characteristic that is influenced by several genes rather than a single gene.

Genes

The basic physical and functional units of heredity, made up of DNA, that determine the characteristics and traits of organisms.

Genotype

The genetic constitution of an individual organism, comprising all the hereditary information.

Conception

The process of the sperm fertilizing the ovum, resulting in the formation of a zygote, the earliest developmental stage of the embryo.