Under a periodic inventory system, entries are recorded in the Merchandise Inventory account at the end of the fiscal period only.
a. True
b. False
Indicate whether the statement is true or false
Question 2
The government-wide statement of net assets must include a column for each of the following except
a. governmental activities.
b. business-type activities.
c. component units.
d. fiduciary activities.
e. All of the above are included in the government-wide financial statements.
