Discuss the major differences between a perpetual inventory system and a periodic inventory system.
What will be an ideal response?
The perpetual system derives its name from the fact that the balance in the inventory account is adjusted perpetually. The balances of the inventory account as well as cost of goods sold are determined at the point of sale. In the periodic system, inventory balances are only determined by a physical count, and the cost of goods sold is computed at the end of the period.
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Expectancy theories of motivation assume …
a. Effort leads to an expected level of performance b. Level of performance leads to an expected level of results c. Outcomes of performance are valued d. All of the above
How does providing services for cash affect the accounting equation? Is it considered an asset source, asset use, or asset exchange transaction?
What will be an ideal response?
Brick & Mortar Stores, Inc, signs a lease for a storefront owned by Commercial Properties, Inc Unlike a purchaser of real property, Brick & Mortar
a. acquires only temporary possession of the premises. b. enjoys exclusive possession of the premises. c. holds only temporary title to the premises. d. retains temporary, exclusive possession and title to the premises.
Cross-functional links rarely affect strategy planning.
Answer the following statement true (T) or false (F)