When Preparing the Worksheet for a Merchandising Business Using the Perpetual

question 9

Multiple Choice

When preparing the worksheet for a merchandising business using the perpetual inventory system,which of the following statements is incorrect?

• A)The merchandiser's worksheet carries the account Cost of Goods Sold.
• B)The main new account is the Merchandise Inventory account.
• C)The worksheet procedures are not similar to the worksheet procedures for a service company.
• D)The Merchandise Inventory account must be adjusted based on a physical count due to inventory shrinkage.

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Definitions:

Meniere's Disease

A disorder of the inner ear causing vertigo, hearing loss, and ringing in the ear (tinnitus), typically affecting one ear.

Ear Ossicles

Three tiny bones called the malleus, the incus, and the stapes located in the middle ear cavity. They are the smallest bones of the body.

Semicircular Canals

Three fluid-filled bony channels in the inner ear that play a critical role in maintaining balance by detecting head rotations.

Auditory Tubes

Tubes that connect the middle ear to the nasopharynx, which help equalize pressure between the ear and the throat, also known as Eustachian tubes.