Author Question: Using this inventory method the Merchandise Inventory account is adjusted only at the end of the ... (Read 83 times)

kshipps · **on:** Jul 6, 2018

Using this inventory method the Merchandise Inventory account is adjusted only at the end of the fiscal period and the adjustment is based on a physical inventory.
a. Periodic Inventory
b. Perpetual Inventory
c. Inventory Shrinkage
d. Inventory Adjustment

Question 2

Which of the following is considered to be an authoritative source of GAAP for a nongovernmental not-for-profit organization?

A. GASB standards.
B. AICPA AcSEC Practice Bulletins.
C. FASB Accounting Standards Codification.
D. AICPA Audit and Accounting Guide, Not-for-Profit Organizations.