In a Periodic Inventory System,the Purchase of Inventory Is Debited

question 41

Multiple Choice

In a periodic inventory system,the purchase of inventory is debited to:

• A)Purchases.
• B)Cost of goods sold.
• C)Inventory.
• D)Accounts payable.

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Definitions:

Resource Costs

The financial expenditure associated with the acquisition, maintenance, and utilization of resources such as materials, labor, and capital.

Performance Effectiveness

The degree to which objectives or goals are achieved, often measured by comparing outputs to predetermined standards or outcomes.

Work Efforts

The amount of physical or mental energy exerted by an individual to accomplish tasks and objectives in a job setting.

Performance Accomplishments

The achievements or outcomes that an individual or group has successfully realized, often measured against preset goals or standards.