If a company uses a PERIODIC inventory system, it will maintain all of the following accounts except:
A. Cost of Goods Sold
B. Purchases
C. Sales
D. Inventory
Ans: D. Inventory
Business
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GAAP do not require
A. A management's discussion and analysis. B. Governments to prepare a CAFR. C. A statistical section to be included within a CAFR. D. Discretely presented component units to be included in the government-wide financial statements.
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