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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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Chapter
Section
BuyFindarrow_forward

College Accounting, Chapters 1-27

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

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

To determine

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

Explanation

Perpetual inventory system: Under this system of accounting for inventory, the inventory bought and sold is recorded when they are bought and sold. The up-to-date records are maintained for inventory and cost of goods sold...

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