A Periodic Physical Inventory Count

question 1

Multiple Choice

A periodic physical inventory count:

• A)is not necessary if the business owner uses a perpetual inventory control system or has a computerized point of sale (POS)terminal.
• B)typically involves one employee and is done weekly.
• C)allows the owner to evaluate the effectiveness and the accuracy of his/her inventory control system.
• D)is not necessary if the business owner uses an ABC inventory system.

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Definitions:

CSR Levels

The varying degrees to which a business engages in corporate social responsibility initiatives, from basic compliance with laws to integrating social and environmental concerns into their business model.

Economic

Pertaining to the production, distribution, and consumption of goods and services, or the wealth and resources of a country or region.

Discretionary

Pertaining to the freedom or authority granted to make decisions or judgments without being strictly bound by set rules or protocols.

Corporate Social Responsibility

A business model that helps a company to be socially accountable—to itself, its stakeholders, and the public—by practicing ethical and sustainable business practices.