Under a Perpetual Inventory System

question 81

Multiple Choice

Under a perpetual inventory system,

• A) accounting records continuously disclose the amount of inventory
• B) increases in inventory resulting from purchases are debited to Purchases
• C) a physical count is required to determine cost of merchandise on hand
• D) the purchases returns and allowances account is credited when goods are returned to vendors

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Definitions:

Competencies

A combination of skills, knowledge, and abilities that enable a person to perform tasks successfully.

Interpreting the World

The cognitive process of making sense of the environment and events around us, often influenced by personal experiences, culture, and cognitive biases.

Behavior Regulation

The process of controlling, guiding, and managing one's actions and reactions in accordance with social or personal expectations.

Personal Value Structures

The organization and hierarchy of an individual's values, reflecting what they find most important or significant in life.