[Solved] When Preparing the Worksheet for a Merchandising Business Using the Perpetual

Question 139
Multiple Choice

When preparing the worksheet for a merchandising business using the perpetual inventory system,which of the following statements is incorrect?

A)The merchandiser's worksheet carries the account Cost of Goods Sold.
B)The main new account is the Merchandise Inventory account.
C)The worksheet procedures are not similar to the worksheet procedures for a service company.
D)The Merchandise Inventory account must be adjusted based on a physical count due to inventory shrinkage.

10+ million students use Quizplus to study and prepare for their homework, quizzes and exams through 20m+ questions in 300k quizzes.


Explore our library and get Accounting Homework Help with various study sets and a huge amount of quizzes and questions


Study sets





Upload material to get free access

Upload Now Upload Now
Upload Now

Invite a friend and get free access

Upload NowInvite a friend
Invite a friend

Subscribe and get an instant access

See our plansSee our plans
See our plans