Montreal Furniture Uses a Periodic Inventory System

question 5

Multiple Choice

Montreal Furniture uses a periodic inventory system. During an accounting year many purchases and sales of goods occur. For Montreal, the balance in the general ledger inventory account:

• A) does not change until a stock-take is carried out.
• B) represents the goods on hand at any given point in time.
• C) reports the goods purchased since the beginning of the accounting period.
• D) will usually be zero except at a balance sheet date.

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Definitions:

Unique Set of Needs

Specific, individual requirements or desires that vary from person to person, influencing behavior and satisfaction.

Maslow's Need Hierarchy

A theory of human motivation which states that people are motivated to fulfill basic needs before moving on to other, more advanced needs.

Incentives

Rewards or motivations provided to encourage specific behaviors or outcomes, commonly used in organizational settings to enhance performance.

Physiological Need

Basic physical requirements for human survival, such as food, water, and shelter, as identified in Maslow's hierarchy of needs.