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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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BuyFindarrow_forward

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756
Textbook Problem

Is a physical inventory necessary under the periodic system? Why or why not?

To determine

Explain whether a physical inventory is necessary under the periodic system.

Explanation

Periodic inventory system: This is a system of accounting for inventory, where the quantity of inventory is recorded on a periodic basis. The up-to-date records are not maintained either for inventory or for cost of goods sold. The figure for inventory is determined only at the end of financial year or the balance sheet date...

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