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Click to watch the Tell Me More Learning Objective 7 video and then answer the...

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Accounting

Click to watch the Tell Me More Learning Objective 7 video and then answer the questions below.
1. Which of the following accounts is NOT used in the closing process under the periodic inventory system?
a. Cost of Goods Sold
b. Purchases
c. Purchases Discounts
d. Estimated Returns Inventory
2. Which of the following is true about the periodic inventory system?
a. A physical count of inventory is taken at the end of the period.
b. Purchases of inventory are recorded in the inventory account.
c. Purchases returns are recorded in the purchases account.
d. There is a detailed record of the amount of inventory on hand at any given time.

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