10.Which of the following statement(s) is (are) true about the perpetual system. A. Physical count is unnecessary for the perpetual system. B. The inventory account is used to record purchase returns and discounts. C. The system uses individual subsidiary ledgers for each inventory items. D. A formula is needed to compute for the cost of goods sold. E. The cost of sales account is debited at cost when goods are sold. A, B and C B, C and E C, D and E D, E and C
10.Which of the following statement(s) is (are) true about the perpetual system. A. Physical count is unnecessary for the perpetual system. B. The inventory account is used to record purchase returns and discounts. C. The system uses individual subsidiary ledgers for each inventory items. D. A formula is needed to compute for the cost of goods sold. E. The cost of sales account is debited at cost when goods are sold. A, B and C B, C and E C, D and E D, E and C
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter9: Sales And Purchases
Section: Chapter Questions
Problem 1QY: Which of the following is true about the Sales Returns and Allowances account? a. It is used to...
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10.Which of the following statement(s) is (are) true about the perpetual system.
A. Physical count is unnecessary for the perpetual system.
B. The inventory account is used to record purchase returns and discounts.
C. The system uses individual subsidiary ledgers for each inventory items.
D. A formula is needed to compute for the cost of goods sold.
E. The cost of sales account is debited at cost when goods are sold.
A. Physical count is unnecessary for the perpetual system.
B. The inventory account is used to record purchase returns and discounts.
C. The system uses individual subsidiary ledgers for each inventory items.
D. A formula is needed to compute for the cost of goods sold.
E. The cost of sales account is debited at cost when goods are sold.
A, B and C
B, C and E
C, D and E
D, E and C
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