What is the major difference between a periodic and perpetual inventory system?
A) Under the periodic inventory system, the purchase of inventory will be debited to the Purchases account
B) Under the periodic inventory system, no journal entry is recorded at the time of the sale of inventory.
C) Under the periodic inventory system, all adjustments such as purchases returns and allowances and discounts are reconciled at the end of the month.
D) All are correct.
D
You might also like to view...
A form of convenience sampling in which the population elements are selected based on the researcher's discretion is called ________
A) quota sampling B) snowball sampling C) judgmental sampling D) sampling E) simple random sampling
The closer a product is to the tangible pole of the service continuum, the ________
A) more emphasis there is on perishability B) less emphasis there is on environmental factors C) more emphasis there is on inseparability D) more emphasis there is on credence qualities E) less emphasis there is on service
A company reported net income of $225,000, net sales of $2,500,000, and average total assets of $2,100,000 for the current year. Calculate this company's profit margin, total asset turnover, and return on total assets.
What will be an ideal response?
Which of the following represents earned media?
A. advertising on mobile devices, on billboards, and online B. television news, newspaper articles, and reviews C. branded websites and brochures D. the selling company's social media E. advertising on television, in print, and on the radio