Under a periodic inventory system, the cost of merchandise on ...

[yoroshambo]

Under a periodic inventory system, the cost of merchandise on hand at the end of the year is determined by a physical count of the inventory.
 a. True
  b. False
 
   Indicate whether the statement is true or false

Question 2

Obligations are recorded in budgetary accounts, but not in proprietary accounts.
 
  Indicate whether the statement is true or false

[angrybirds13579]

Answer to Question 1

True

Answer to Question 2

True