When a Periodic Inventory System Is Used,________

question 211

Multiple Choice

When a periodic inventory system is used,________.

• A)an adjusting entry is needed to record the ending Merchandise Inventory account balance
• B)the process for closing the Income Summary and Dividends accounts differs from the process used in the perpetual inventory system
• C)beginning Merchandise Inventory,Purchases,and Freight In accounts are closed via the Income Summary Account
• D)there is no need to take a physical count of inventory

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Definitions:

Cultural Isolation

a state wherein a group or society experiences a lack of or minimal interaction and influence from external cultures.

Globalization

The process by which businesses or other organizations develop international influence or start operating on an international scale, leading to increased interconnectedness and interdependence of the world's economies, cultures, and populations.

Cultural Fragmentation

The process or state where a culture is divided into smaller, distinct segments due to various pressures, leading to a loss of cohesion.

Postmodernism

A broad movement in late 20th-century arts, architecture, and criticism, characterized by a skeptical, self-aware approach to literature, art, culture, and theory, often rejecting grand narratives and embracing fragmentation and diversity.