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

question 195

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 and sales returns and allowances are not recorded
• D)there is no need to record an entry to the Merchandise Inventory and the Cost of Goods Sold accounts

---

Definitions:

Chemistry Exam

A test or assessment aimed to evaluate a student's knowledge and understanding of chemical principles, reactions, and theories.

Hard Subject

A hard subject typically refers to an academic discipline that is perceived as challenging due to its complexity or abstract nature.

Good Deeds

Acts of kindness or helpfulness usually intended to benefit others.

Self-Serving Bias

The common human tendency to attribute positive events to their own character but attribute negative events to external factors.