In a Perpetual Inventory System,the Flow of Inventory Cost Is

question 53

Multiple Choice

In a perpetual inventory system,the flow of inventory cost is:

• A)First through the income statement,then through the balance sheet.
• B)First through the balance sheet,then through the income statement.
• C)Only through the balance sheet and not the income statement.
• D)Only through the income statement and not the balance sheet.

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Definitions:

Fungi

A kingdom of organisms distinct from plants and animals that includes molds, yeast, and mushrooms, often playing crucial roles in ecosystems and human life.

Plant Domestication

The process of genetically adapting wild plants for human use, leading to the development of agriculture and cultivated crops.

Sickles

Hand-held agricultural tools with a curved blade for cutting grass or harvesting crops, widely used in farming for centuries.

Neolithic Revolution

A period marked by the transition from nomadic hunting and gathering to settled agriculture and community living, leading to significant societal changes.