Under the Periodic Inventory System a Income Statement Cannot Be

question 25

Multiple Choice

Under the periodic inventory system a income statement cannot be prepared without a/an ____________.It is only after a/an ___________ that the cost of sales can be estimated.

• A)Error check
• B)Virus scan
• C)Stocktake
• D)Audit

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Definitions:

Functionalism

is a perspective in sociology and psychology that emphasizes the functions of mental processes and societal institutions and how they serve to adapt individuals and societies to their environments.

Adaptive Purposes

Refers to the various ways in which features, traits, or behaviors enhance the survival and reproductive success of organisms within specific environments.

Nature/nurture Debate

An ongoing discussion about the relative influence of genetic inheritance (nature) and environmental factors (nurture) on human development.

Dualism

The philosophical concept that reality or existence is divided into two distinct and opposite parts, such as mind and body.