Which of the Following Is Not True of the Periodic

question 1

Multiple Choice

Which of the following is not true of the periodic inventory system?

• A) It uses a purchases account.
• B) It identifies inventory variances.
• C) It is the simplest system.
• D) Cost of sales can be calculated only after a physical stocktake.

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Definitions:

Social Institutions

The organized and established structures in society that dictate patterns of behavior, relationships, and cultural norms.

Organic Solidarity

Unity based on role differentiation, not similarity.

Role Differentiation

The process by which members of a society or group develop specialized functions, responsibilities, or social statuses.

Collective Consciousness

The set of shared beliefs, ideas, and moral attitudes which operate as a unifying force within society.