Which of the Following Statements Is Not Correct

question 156

Multiple Choice

Which of the following statements is not correct?

• A)In a perpetual inventory system,the "cash register" at the store is a computer terminal that records sales and updates inventory records.
• B)Even in a perpetual inventory system,a business must count inventory at least one a year.
• C)Restaurants and small retail stores often use the periodic inventory system.
• D)In a periodic inventory system,merchandise inventory and purchasing systems are integrated with the records for Accounts Receivable and Sales Revenue.

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Definitions:

Enforcement

The act of ensuring compliance with laws, regulations, or agreements through legal means or actions.

Primary Obligation

A fundamental or main duty that a party is required to perform under the terms of a contract.

Indemnity

Indemnity is a contractual obligation of one party to compensate the loss occurred to the other party due to the acts of the indemnitor or any other party.

Guarantor

A guarantor is a person or entity that agrees to be responsible for another's debt or obligations, should the original party fail to meet their responsibilities.