Asked by MARIA URIEL CIFRA on May 21, 2024
Verified
Inventory system that updates the merchandise inventory account only at the end of the accounting period based on a physical count of merchandise on hand.
a. Credit terms
b. FOB destination
c. FOB shipping point
d. Periodic inventory system
e. Perpetual inventory system
f. Inventory shrinkage
g. Single-step income statement
h. Multiple-step income statement
Periodic Inventory System
An inventory accounting system where updates to inventory levels are made at specific intervals, such as monthly or annually, rather than continuously.
Physical Count
A manual inventory verification process where actual items are counted to ensure accuracy of records.
Inventory System
A method for tracking the quantity, value, and location of a company's inventory, both current and sold.
- Comprehend the continuous and intermittent inventory systems along with their corresponding journal records.
Verified Answer
Learning Objectives
- Comprehend the continuous and intermittent inventory systems along with their corresponding journal records.
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