Under a periodic inventory system

a. a physical inventory is taken at the end of the period
b. a separate account for each type of merchandise is maintained in a subsidiary ledger
c. accounting records continuously disclose the amount of inventory
d. merchandise inventory is debited when goods are returned to vendors

The correct answer is letter "A": a physical inventory is taken at the end of the period.

Explanation:

When the general ledger is only updated by the end of a period it is said that the firm is using a periodic inventory system. This approach is implemented because physical inventories could be time-consuming. It is even more helpful for small businesses since their inventory is limited.

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