In a Periodic Inventory System,the Ending Inventory Can Be Determined

question 53

True/False

In a periodic inventory system,the ending inventory can be determined from the accounting records,and a physical count of the merchandise on hand will confirm the amount.

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Definitions:

Investment Center

An investment center is a business unit within an organization that is responsible for its own revenue, expenses, and investments, and its performance is assessed based on return on investment.

Performance Report

A document that compares actual operational or financial results to planned or budgeted results.

Cost Center

A department or unit within an organization that does not directly add to profit but still incurs costs.

Departmental Contribution To Overhead

The amount of money that each department contributes towards covering the company's indirect costs or overheads.