While Collecting Data from Secondary Sources, a Useful, Efficient Practice

question 7

Multiple Choice

While collecting data from secondary sources, a useful, efficient practice is to__________

• A) record notes for data slightly related to your research topic.
• B) record notes for quotations you may want to use .
• C) record references for data you are likely to use in a report.
• D) record references for all the data you collect.

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Definitions:

Merchandise Inventory

Goods that a company has in stock and available for sale, listed as an asset on the balance sheet.

Periodic Inventory System

A periodic inventory system is a method of inventory valuation where a physical count of inventory is performed at specific intervals to determine the ending inventory balance and the cost of goods sold.

Accounts Payable

Liabilities or amounts owed by a company for goods or services that have been received but not yet paid for.

Periodic System

An inventory accounting system where goods are physically counted at the end of a specific period to determine the cost of goods sold and ending inventory.