Which of the following are characteristics of a perpetual inventory system? (a). Management knows how much inventory is on hand at all times. (b). Purchases of inventory are recorded to the inventory account. (c). The computer tracks inventory upon a sale and the cost of goods and inventory are immediately updated. (d). All of these.

Q: What is the main difference between a perpetual inventory system and a periodic inventory system?…

A: Inventory can be valued under two methods. 1. perpetual inventory method 2. Periodic inventory…

Q: der the periodic inventory system, all increases and decreases in inventory, such as purchases,…

A: Solution: False.  Under periodic inventory system Daily inventory records are not maintained.

Q: The entry to record inventory shrinkage under a perpetual inventory system would include a debit to:…

A: Explanation: When There is Inventory shrinkage Under the perpetual inventory system The following…

Q: What is the main source of income for a buying and selling company? 2. Between the operational cycle…

A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: the inventory system employing accounting records that continuously disclose the amount of inventory…

A: For the purpose of cost accounting in business, records are being kept for each and every category…

Q: Under the perpetual inventory system, increases and decreases in inventory are recorded through the…

A: Solution: Under perpetual inventory system, inventory records are updated with every purchase and…

Q: 2. The entry to record the return of $25 of inventory to a supplier under the perpetual inventory…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Which of the following accounts is used in the periodic inventory system but not used in the…

A: Periodic inventory system:   A periodic inventory system is one of the forms of inventory valuation.…

Q: Under periodic inventory system, when there is purchase return then: Inventory will be debited…

A: Answer  A periodic inventory system only updates the closing inventory balance in the general ledger…

Q: e entry to record the return of $250 of inventory to a supplier under the perpetual inventory system…

A: Solution: The entry to record the return of $250 of inventory to a supplier under the perpetual…

Q: Perpetual versus Periodic Inventory Systems Graham Company is trying to select an inventory system.…

A: Periodic and Perpetual inventory systems are two systems that are used to account inventory…

Q: The journal entry to record the return of inventory purchased on credit under a periodic inventory…

A: One of the main feature of periodic system of inventory is all the adjustments are made at end of…

Q: Which of the following is not a characteristic of a perpetual inventory system? O Cost of goods sold…

A: Here in this question we are required to answer which of the characteristics is not of perpetual…

Q: What is the main distinction between perpetual and periodic inventory systems? Which type of system…

A: Explain the main distinction between perpetual inventory system and periodic inventory system and to…

Q: What is a perpetual inventory system? What kind of businesses use perpetual inventory systems?

A: There are two types of inventory methods that are perpetual and periodic.

Q: A company using a perpetual inventory system that returns goods previously purchased on credit would…

A: What is perpetual inventory system? It is a system which record the changes in inventory(purchased…

Q: The two main inventory accounting systems are the a. perpetual and periodic. b. purchase and sale.…

A: Purchase and sale are the transaction made by the company. It is not an inventory system. Returns…

Q: The inventory that continually discloses the amount of inventory on hand is called:   a) specific…

A: a) Under specific identification method, inventory is counted at the end of the period physically…

Q: What are the main differences between periodic inventory system and perpetual inventory system?…

A:

Q: Under the periodic inventory system, which of the following accounts is debited when inventory is…

A: Solution:- Under the periodic inventory system the following accounts is debited when inventory is…

Q: The balance of a perpetual inventory system at any given time is the _____ inventory. It must be…

A: In a perpetual inventory system, the inventory is revised after every transaction i.e. inventory is…

Q: Why is it important to periodically take a physical inventory when using a perpetual inventory…

A:

Q: Inventory taken by the owner of the entity for personal use, will affect which of the following…

A: Periodic inventory system is the system of accounting in which inventory is calculated at the end of…

Q: ic inventory system wants to remove beginning estimated returns inventory, which of the following…

A: The right answer is option a.Estimated Returns Inventory

Q: The two main inventory accounting systems are the Perpetual and periodic. purchase and sale.…

A: Merchandise Inventory: Merchandise is the stock of goods bought by a wholesaler, or a retailer, or a…

Q: a debit to Accounts Payable and a credit to Merchand

A: A perpetual inventory system is an inventory management approach that uses an inventory management…

Q: A periodic inventory system does not continually modify inventory amounts, but instead adjusts for…

A: The inventory under the periodic inventory system does not modify continuously but at the end. The…

Q: Explain the types of inventory and the differences between a perpetual inventory system and a…

A:

Q: 1 Which of the following statements about perpetual merchandising activities is true? (Identify the…

A: Hi student Since there are multiple question, we will answer only first question. If you want…

Q: A perpetual inventory system will always give updated balances for: Goods Available for Sale and…

A: Perpetual inventory system is a type of inventory system in which all transactions related to…

Q: If a company uses a periodic inventory system, which of the following entry or entries are required…

A: When a physical inventory count is done, a periodic inventory system simply updates the general…

Q: What account is debited when recording a purchase of inventory when using a periodic inventory…

A: Periodic inventory system: The method or system of recording the transactions related to inventory…

Q: Which of the following is false regarding a perpetualinventory system?a. Physical counts are never…

A: Option “a” is the correct answer that is physical counts are never needed because records are…

Q: What should be the journal entry to match the inventory record to the physical count of inventory?…

A: Inventory is the goods which the company has which are in order to sell them. In simple terms, these…

Q: Under this inventory system, the “Inventory” account is updated each time a purchase or sale is…

A: Solution: Under perpetual inventory system, inventory is updated with every purchase and sale. Cost…

Q: 1. Before inventory purchases are recorded, the receiving report should be reconciled to what…

A: Inventory: Inventory refers to the raw materials, work in progress, and finished goods that are held…

Q: Each statement describes a characteristic of the periodic and/or perpetual inventory systems. Some…

A: At the end of the accounting period, two inventory systems usually must be made in the accounts. The…

Q: What is the inventory system called that discloses the amount of inventory on hand ONLY at the end…

A: The periodic inventory system is an inventory system that involves a periodic physical inventory…

Q: Which of the following statements is true for a company that uses a periodic inventory system?…

A: Only inventory account is used for all the inventory transactions in the perpetual inventory system.…