Using the Periodic Approach to Accounting for Inventory, Beginning Inventory

question 55

Multiple Choice

Using the periodic approach to accounting for inventory, beginning inventory plus purchases minus ending inventory as determined by a physical stocktake, is assumed to equal:

• A) inventory turnover.
• B) gross profit.
• C) selling expenses.
• D) cost of sales.

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Definitions:

Narcissism

A psychological condition characterized by self-preoccupation, lack of empathy, and unconscious deficits in self-esteem.

Self-Serving Bias

A common tendency for individuals to attribute their successes to internal factors and their failures to external factors.

External Locus

The belief that one's outcomes in life are controlled by external forces or fate rather than one's own efforts.

Erroneously Thinking

The process of making mistakes in reasoning or understanding; incorrect or faulty thinking.