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.

---

Definitions:

Safe Deposit Box

A safe deposit box is a secure container, usually held within a bank, where individuals can store valuable items such as documents, jewelry, and securities.

Expected Pay

The anticipated or forecasted amount of money one expects to receive for work performed or investment.

Probability

A measure of the likelihood that a specific event will occur, expressed as a number between 0 and 1.

Hourly Rate

A rate of payment for one hour of work, often used to calculate wages for part-time or contract employees.