The Process of Counting and Pricing the Entire Inventory on Hand

question 37

Multiple Choice

The process of counting and pricing the entire inventory on hand on a particular date is known as:

• A) the periodic inventory system.
• B) merchandise pricing.
• C) a stocktake.
• D) invoicing.

---

Definitions:

Accounts Receivable

Money owed to a company by its debtors, representing funds due for goods or services provided on credit.

Accounts Payable

Money owed by a company to its creditors or suppliers for goods or services that have been delivered but not yet paid for.

Person

An individual human being.

Avoid Payment

The act of intentionally preventing or escaping the obligation to pay for a service or fee.