The dollar amount determined by a physical count of merchandise on hand at the end of the period is called

Question

Quizplus · Accepted Answer

The dollar amount determined by a physical count of merchandise on hand at the end of the period is called ending inventory. A is incorrect because beginning inventory is the dollar amount of merchandise that is on hand at the beginning of the accounting period. C is incorrect because periodic inventory is a system of inventory in which the inventory is counted periodically, such as at the end of the year. D is incorrect because perpetual inventory is a system of inventory in which inventory is updated continuously as purchases and sales are made.

The Dollar Amount Determined by a Physical Count of Merchandise