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College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570

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BuyFindarrow_forward

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570
Textbook Problem

What is the difference between a periodic inventory system and a perpetual inventory system?

To determine

Identify the differences between the perpetual and periodic inventory systems on the basis of quantity and cost of the inventory.

Explanation

The differences between the perpetual and periodic inventory systems are as follows:

Basis of distinctionPerpetual inventory systemPeriodic inventory system
MeaningThe method or system of maintaining, recording, and adjusting the inventory continuously throughout the year, is referred to as perpetual inventory system.The method or system of recording the transactions related to inventory occasionally or periodically is referred as periodic inventory system...

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