Under the Periodic Inventory System

question 105

Multiple Choice

Under the periodic inventory system

• A)the cost of each item is recorded in the Merchandise Inventory account when it is purchased.
• B)when an inventory item is sold,its cost is transaferred to the Cost of Goods Sold account.
• C)the balance of the Merchandise Inventory account equals the cost of goods on hand.
• D)the balance of the Merchandise Inventory account is only accurate on the balance sheet date.

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Definitions:

Intelligence Quotient

A measure of a person's cognitive abilities and potential, compared to the population, usually determined by standardized tests.

Mental Age

A measure of an individual's cognitive ability compared to the average cognitive ability of others in their age group.

Chronological Age

The exact age of an individual measured in years from the date of birth to the current date.

Multiple Intelligences

The idea that human intelligence is composed of a varied set of abilities rather than a single, all-encompassing one.