Under the Periodic Inventory System

question 105

Multiple Choice

Under the periodic inventory system

• A)the cost of each item is recorded in the Merchandise Inventory account when it is purchased.
• B)when an inventory item is sold,its cost is transaferred to the Cost of Goods Sold account.
• C)the balance of the Merchandise Inventory account equals the cost of goods on hand.
• D)the balance of the Merchandise Inventory account is only accurate on the balance sheet date.

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Definitions:

External Attribution

The process of ascribing the cause of behavior to situational factors outside of an individual's control.

Serious Or Harmful

Describes situations, actions, or outcomes that are significantly damaging or have severe consequences.

Role-Making Process

The process by which individuals take initiative to shape or modify their roles within a group or organization to better fit their skills and interests.

Inconsistent Results

Outcomes that do not follow a regular pattern or expectation, often varying significantly from one instance to another.