Under the Periodic Inventory System, a Physical Inventory Is Taken

question 41

True/False

Under the periodic inventory system, a physical inventory is taken to determine the cost of the inventory on hand and the cost of the merchandise sold.

---

Definitions:

Self-efficacy

A person's confidence in their ability to carry out actions that are required to achieve particular outcomes.

Verbal Persuasion

A method of influence involving the use of language to convince or persuade others to change their thoughts, beliefs, or actions.

Activity Failure

A situation where an attempt to perform an action does not result in the expected goal or outcome, often leading to learning or modification of efforts.

Adults

Individuals who have reached the age where they are considered legally responsible for their actions and have attained full physical development.