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One keeping continual track of additions or deletions in materials, work-in-process, and cost of goods sold on a day-to-day basis
Factors
i) Company must have a proper system of reciepts and issuence vouchers of material
ii) Technicall workers are required
ii) Company must have a proper system to use its wastages and spoilages.
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Which inventory valuation model does not allow control of inventory by visual inspection?
Perpetual system Perpetual system
An account used in the perpetual inventory system that is not used in the periodic inventory system is?
Purchases
What is the meaning of Perpetual and periodic system of accounting?
Perpetual System is that system in which company continuously updates the value of inventory while in periodic system inventory valuation is done only for closing inventory when company done physical inventory calculation.
Is a perpetual inventory system is an effective means of control over inventory?
no
What inventory system uses the merchandise inventory as an active account?
Perpetual
Which inventory valuation model does not allow control of inventory by visual inspection?
Perpetual system Perpetual system
An account used in the perpetual inventory system that is not used in the periodic inventory system is?
Purchases
What is the meaning of Perpetual and periodic system of accounting?
Perpetual System is that system in which company continuously updates the value of inventory while in periodic system inventory valuation is done only for closing inventory when company done physical inventory calculation.
What inventory system uses the merchandise inventory as an active account?
Perpetual
Is a perpetual inventory system is an effective means of control over inventory?
no
Why is it important to periodically take a physical inventory if the perpetual system is used?
A perpetual system does not account for theft.
Is it necessary to take a physical inventory when using the perpetual inventory system?
Yes
History of inventory system?
The history of inventory systems depends on the type of inventory system being discussed. There are two main types of inventory systems, the perpetual inventory system and the periodic inventory system.
The inventory system employing accounting records that continuously disclose the amount of inventory is called?
Perpetual System
In a perpetual inventory system a return of defective merchandise by a purchaser is recorded by crediting what?
inventory
What methods do not require a physical inventory periodic inventory system perpetual inventory method retail method or gross profit method?
periodic inventory system
What are the disadvantages of a periodic inventory system?
The perpetual inventory system is more complicated, requires more accounting entries and is more costly the periodic inventory system does.
