Under the Periodic Inventory System

question 100

Multiple Choice

Under the periodic inventory system:

• A)inventory must be counted at the beginning and end of each accounting period.
• B)inventory must only be counted at the end of each accounting period.(The ending inventory from the previous period can be used as the beginning inventory for the next period.)
• C)inventory does not have to be counted.(It can be taken from the accounting records.)
• D)inventory levels must be counted every day.

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Definitions:

Selective Exposure

The tendency of individuals to favor information which reinforces their pre-existing views while avoiding contradictory information.

Stimulus Discrimination

The learned ability to differentiate between similar stimuli and respond appropriately to each.

Self-concept

An individual's perception of self, encompassing beliefs, attitudes, and perceptions of personal identity.

Self-actualization

Unleashing and achieving one’s innate skills and opportunities, believed to be a fundamental impulse present in every person.