An Account Used in the Periodic Inventory System That Is

question 92

Multiple Choice

An account used in the periodic inventory system that is not used in the perpetual inventory system is

• A) Merchandise Inventory
• B) Sales
• C) Sales Returns and Allowances
• D) Accounts Payable
• E) Purchases

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Definitions:

Fixed Asset

Long-term tangible property held for business use and not expected to be converted into cash in the current or upcoming fiscal year.

Normal Operations

Refers to the regular and routine activities of a business under usual conditions.

Long Lived

Assets or properties owned by a company that are expected to provide economic benefits or value over an extended period, often exceeding one year.

Tangible

Relating to or representing things that have physical form and substance; can be touched or felt.