A periodic inventory system requires a physical count of inventory at the end of each accounting period.
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Q33: Revenues result in decreases in assets or
Q34: 'Net sales' are sales less all selling
Q35: Cost of goods sold is the cost
Q36: The cost of goods sold is the
Q37: A business using a perpetual inventory system
Q39: Gross profit is the gross sales price
Q40: To make business decisions external users evaluate
Q41: Risk is the uncertainty about the future
Q42: Operating capability refers to a business' ability
Q43: Financial flexibility refers to a business' ability
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