In a Periodic Inventory System,the Ending Inventory Can Be Determined

question 53

True/False

In a periodic inventory system,the ending inventory can be determined from the accounting records,and a physical count of the merchandise on hand will confirm the amount.

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Definitions:

Private Property

Land or belongings owned by individuals or entities that are not the government, encompassing exclusive rights of use and disposal.

Warehouseman

A person or company involved in the business of storing goods for others in a warehouse for compensation.

Bailor

An individual who temporarily transfers possession but not ownership of a property or good to another, known as the bailee.

Bailee

A person or entity who is given temporary possession but not ownership of a property or goods under a bailment agreement.