Fabulous Furniture Uses a Periodic Inventory System

Multiple Choice

Fabulous Furniture uses a periodic inventory system. Many purchases and sales of goods occur during the financial year. For Fabulous Furniture, the balance in the general ledger inventory account:

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