Asked by Erika Johnson on May 16, 2024
Verified
Which of the following is a true statement about inventory systems?
A) Periodic inventory systems require more detailed inventory records.
B) Perpetual inventory systems require more detailed inventory records.
C) A periodic system requires cost of goods sold be determined after each sale.
D) A perpetual system determines cost of goods sold only at the end of the accounting period.
Perpetual Inventory Systems
This approach to inventory accounting instantly captures sales or purchases of inventory through computerized point-of-sale systems and software for enterprise asset management.
Detailed Inventory Records
Comprehensive documents that track the quantity, value, and movement of inventory.
Periodic Inventory Systems
An inventory accounting system where updates to inventory levels are made at specific intervals rather than continuously.
- Understand the significance of maintaining comprehensive inventory records across all inventory management systems.
Verified Answer
Learning Objectives
- Understand the significance of maintaining comprehensive inventory records across all inventory management systems.
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