Which of the Following Statements Regarding a Periodic Inventory System

question 30

Multiple Choice

Which of the following statements regarding a periodic inventory system is incorrect?

• A) A periodic inventory system is simpler than a perpetual inventory system.
• B) A periodic inventory system works well for small businesses in which inventory costs can be controlled by visual inspection.
• C) The only way to determine the ending merchandise inventory and cost of goods sold in a periodic inventory system is to take a physical inventory.
• D) The various inventory costing methods are not used in a periodic inventory system.

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Definitions:

Self-concept

An individual's perception of themselves, including their thoughts, feelings, and beliefs about their own identity and attributes.

High Self-esteem

is a positive valuation of oneself, reflecting confidence and satisfaction in one's abilities.

Humanistic Psychology

A psychological perspective that emphasizes personal growth, self-actualization, and the inherent goodness of people.

Self-concept

A person's perception and evaluation of themselves, encompassing beliefs, feelings, and thoughts about one's abilities, values, and identity.