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.

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Definitions:

Privatization

The process of transferring ownership of a business, enterprise, agency, public service, or public property from the government to private individuals or organizations.

Youth Detention Center

A facility where juveniles are held temporarily in custody while awaiting court judgment or placement in long-term care facilities.

Federal Government

The national government of a federated state, which typically has specific powers delegated to it by a constitution, distinct from regional or local governments.

Privatization

The act of shifting control and ownership of a company, institution, agency, or governmental service to private entities or individuals.