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:

Ras Proteins

A family of proteins involved in transmitting signals within cells, playing a role in cell growth and development.

Fibroblast Cells

A type of cell found in connective tissue that produces collagen and other fibers, playing a crucial role in wound healing and tissue repair.

Growth Factors

A group of more than 50 extracellular peptides that signal certain cells to grow and divide.

Choanoflagellates

Collared flagellate protists; opisthokonts closely related to animals.