Log in
Accounting
1
answer
1
watching
1,731
views

Detailed records of goods held for resale are not maintained under a

a. Perpetual inventory system

b. Periodic inventory system

c. Double entry accounting system

d. Single entry accounting system

Watch
1
answer
1
watching
1,731
views

For unlimited access to Homework Help, a Homework+ subscription is required.

Jean Keeling
Jean KeelingLv2
19 Mar 2020

Unlock all answers

Get 1 free homework help answer.
Already have an account? Log in
Share

Related questions

Which of the following statements about a periodic inventory system is true?

a. The increased use of computerized systems has increased the use of periodic systems.

b. The periodic system provides better control over inventories than a perpetual system

c. The company continuously maintained detailed records of the cost of each purchase and sale.

d. Companies determine the cost of goods sold only at the end of the accounting period.

.What is the major difference between a periodic and perpetual inventory system?

Under the periodic inventory system, all adjustments such as purchases returns and allowances and discounts are reconciled at the end of the month.

Under the periodic inventory system, the purchase of inventory will be debited to the Purchases account.

Under the periodic inventory system, no journal entry is recorded at the time of the sale of inventory for the cost of the inventory.

All of the answers are correct.

8. Which of the following statements is false? A. A perpetual inventory system can detect inventory shrinkage. B. A perpetual inventory system updates the inventory account for each purchase and sale. C. A perpetual inventory system uses a purchases account. D. A periodic inventory system uses the physical count of inventory to infer cost of goods sold.

Weekly leaderboard

Home
Homework Help 3,900,000
Accounting 580,000
Start filling in the gaps now
Log in