If You Go to Europe to Work and Send Funds

question 158

Multiple Choice

If you go to Europe to work and send funds home to your family living in the United States, this is known as a

• A) service import.
• B) merchandise import.
• C) service export.
• D) unilateral transfer.

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Definitions:

Perpetual

An inventory system where updates are made continuously to the inventory records, reflecting each sale or purchase.

Periodic Inventory System

An inventory system in which the inventory count and the cost of goods sold calculation are performed at set intervals, typically at the end of an accounting period.

Periodic Inventory System

An inventory accounting system where updates are made on a periodic basis, rather than continuously, often used for calculating cost of goods sold at the end of an accounting period.

Sales Returns & Allowances

Reductions in sales revenue for products returned by customers or allowances given for damaged goods.