Exam (elaborations)
ACCT 331 Certification Exam Questions and CORRECT Answers
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When a periodic inventory system is used the balance in the inventory account should approximate inventory on hand. two entries are required to record a sale. purchases of inventory are charged to the Inventory account. a physical count of inventory is required at the end of the accounting period to determine cost of goods sold. a physical count of inventory is required at the end of the accounting period to determine cost of goods sold. When a perpetual inventory system is used Cost of Goods Sold account is debited when goods are sold. no Purchases account is used. two entries are required to record a sale. All of the choices are correct. All of the choices are correc
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Institution
ACCT 331
Course
ACCT 331
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- Institution
- ACCT 331
- Course
- ACCT 331
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- Uploaded on
- May 9, 2024
- Number of pages
- 19
- Written in
- 2023/2024
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- Exam (elaborations)
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- Questions & answers
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