As a Result of Taking an Annual Physical Inventory,it Usually

question 75

Multiple Choice

As a result of taking an annual physical inventory,it usually is necessary in a perpetual inventory system to make an entry:

• A)Reducing assets and increasing the cost of goods sold.
• B)Reducing assets and increasing liabilities.
• C)Reducing the cost of goods sold.
• D)Increasing assets and increasing the cost of goods sold.

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Definitions:

Privacy Protections

Regulations and practices designed to safeguard individuals' personal information from unauthorized access and misuse.

Multiple Forgeries

The act of committing forgery across numerous instances or on several objects, intensifying the severity of the fraud.

Uniform Commercial Code

The Uniform Commercial Code (UCC) is a comprehensive set of laws governing commercial transactions in the United States, aiming to standardize laws across states.

Negligent

Failing to take proper care in doing something, resulting in damage or harm to another person.