D. Promotes the use of high-quality, understandable global accounting standards. Listed below are five terms followed by a list of phrases that describe or characterize each of the terms. Match each phrase with the correct term. Periodic system Choose... 45 Gains Choose... Requires entries to cost of goods sold account when merchandise is sold. Losses Recorded when there are dispositions of assets for consideration less than book values. When cash flow precedes either expense or revenue recognition Perpetual syste Recorded when there are dispositions of assets for consideration in excess of book values. Prepayments Requires adjusting entries to update the inventory account