When Using the Periodic Inventory System,there Is No Need to Record

question 223

True/False

When using the periodic inventory system,there is no need to record an adjusting entry for inventory shrinkage.

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Definitions:

General Fund

The primary operating fund of a government, covering all financial resources except those required to be accounted for in another fund.

Tax Levy Revenues

Income received by governments from taxing individuals or entities, often used to fund public services.

Bond Proceeds

The funds received by an issuer from the sale of bonds, typically used for financing long-term investments.

Special Assessment

A charge levied by local governments on property owners for improvements that benefit their properties, such as sidewalks or sewers.