An Account Used in the Periodic Inventory System That Is

question 92

Multiple Choice

An account used in the periodic inventory system that is not used in the perpetual inventory system is

• A) Merchandise Inventory
• B) Sales
• C) Sales Returns and Allowances
• D) Accounts Payable
• E) Purchases

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Definitions:

Random Variable

A variable that assumes numerical outcomes as a result of random events.

Constant

A value that remains unchanged throughout the execution of a process or formula.

Poisson Random Variable

A random variable that represents the number of events occurring in a fixed interval of time or space, where these events occur with a known constant mean rate and independently of the time since the last event.

Discrete Random Variable

A random variable that can take on a countable number of distinct values, often representing quantities that can be enumerated.