Asked by
Jordan Mcsears
on Nov 15, 2024
Verified
Under the perpetual inventory system, which of the following accounts would not be used?
A) Sales
B) Purchases
C) Cost of Goods Sold
D) Inventory
Perpetual Inventory System
A method of continuously tracking inventory levels, costs, and sales in real time, reducing the need for physical inventories.
Purchases Account
An account used in an accounting system to record the purchase of goods or services that a business intends to resell.
- Discriminate between the perpetual and periodic approaches to inventory management and their repercussions on financial records.
Verified Answer
BL
Learning Objectives
- Discriminate between the perpetual and periodic approaches to inventory management and their repercussions on financial records.
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