Inventory shrinkage is:

a.a type of perishable inventory that is sold at loss as it diminishes due to environmental changes.

b.the amount of inventory that is not recorded in the computer records but found during physical count.

c.the reduction in the inventory levels by management due to projected loss in a fiscal year.

d.the amount by which inventory diminishes due to theft, misplacement, loss, or mismarking.

Which of the following adjusting journal entries records ending inventory in a periodic inventory system?

a.A debit to Income Summary and a credit to Cost of Goods Sold

b.A debit to Cost of Goods Sold and a credit to Income Summary

c.A debit to Merchandise Inventory and a credit to Income Summary

d.A debit to Income Summary and a credit to Merchandise Inventory

According to the revenue recognition principle, revenues are recorded:

a.at the time of contract, irrespective of whether cash payment is received or not.

b.when cash is received, irrespective of when they are earned.

c.at the end of the year, irrespective of when they are earned.

d.when they are earned, irrespective of when cash is received.

Which of the following accounts has the same balance carried from the Trial Balance Debit column to the Income Statement Debit column in a work sheet?

a.Purchases

b.Drawing

c.Notes Payable

d.Accumulated Depreciation

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