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What is a difference between periodic inventory and perpetual inventory?
periodic takes place on an irregular schedule where perpetual is a constant state of inventory
Which inventory valuation model does not allow control of inventory by visual inspection?
Perpetual system Perpetual system
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
Is it necessary to take a physical inventory when using the perpetual inventory system?
Yes
What is a difference between periodic inventory and perpetual inventory?
periodic takes place on an irregular schedule where perpetual is a constant state of inventory
Which inventory valuation model does not allow control of inventory by visual inspection?
Perpetual system Perpetual system
Is best buy a perpetual or periodic inventory method?
perpetual
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
Is it necessary to take a physical inventory when using the perpetual inventory system?
Yes
In a perpetual inventory system a return of defective merchandise by a purchaser is recorded by crediting what?
inventory
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.
When using a perpetual inventory system why are discounts credited to merchandise inventory?
The discounts reduce the cost of the merchandise inventory.
Why is it important to periodically take a physical inventory if the perpetual system is used?
A perpetual system does not account for theft.
When purchases of merchandise are made for cash under the perpetual inventory system the transaction would go?
Under the perpetual inventory system, when merchandise is purchased for cash, the transaction is recorded by debiting the Inventory account and crediting the Cash account. This reflects the increase in inventory and the decrease in cash due to the purchase. The perpetual system continuously updates inventory records with each purchase or sale, providing real-time inventory levels.
