Under the Perpetual Inventory System,which of the Following Accounts Would

question 34

Multiple Choice

Under the perpetual inventory system,which of the following accounts would not be used?

• A)Cost of Goods Sold
• B)Merchandise Inventory
• C)Sales
• D)Purchases

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Definitions:

Operating Activities

Activities that are directly related to the day-to-day operations of a business, such as sales, supply procurement, and employee wage payment.

Separation Of Duties

A key principle in internal control that involves dividing responsibilities among different personnel or departments to reduce risk of fraud and errors.

CPA Licenses

Certifications granted to accounting professionals who meet the education, experience, and examination requirements of their jurisdiction, allowing them to practice as Certified Public Accountants.

Insuring Assets

The act of obtaining insurance coverage to protect company assets from losses due to risks like fire, theft, or damage.