A Cost of goods sold account is used in:
A) the periodic system only
B) the perpetual system only
C) both the periodic and the perpetual systems
D) either system if provision has been made in the chart of accounts.
Correct Answer:
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Q4: It is necessary to use a purchases
Q9: Which of the following journal entries
Q10: Which of the following is NOT an
Q12: Use the information below to answer
Q13: The perpetual accounting control method has which
Q15: Which of the following ledger accounts is
Q16: Which of the following statements about the
Q17: Which of the following is NOT an
Q18: Use the information below to answer
Q18: The journal entries to record a credit
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