Multiple Choice
All of the following statements are true regarding the periodic inventory system except
A) Under the periodic inventory system, the balance of cost of goods sold is calculated at the end of the period.
B) Under the periodic inventory system, the balance in ending inventory is calculated at the end of the period.
C) Using the periodic inventory system affects the balance sheet contents differently than when the perpetual system is used.
D) Under the periodic system, a company uses separate accounts to record freight costs, returns, and discounts.
Correct Answer:
Verified
Correct Answer:
Verified
Q69: A quality of earnings ratio significantly less
Q70: A buyer borrows money at 6% interest
Q71: Freight-out is reported as an operating expense
Q72: Travis Corporation purchases merchandise on account from
Q73: Periodic inventory systems are used most commonly
Q75: The entry to record the return of
Q76: A purchase invoice is a document that<br>A)provides
Q77: Assets purchased for resale are recorded in
Q78: United Services and Supplies reports net income
Q79: Sales revenues, cost of goods sold, and