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

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


Step by Step Solution

★★★★★

3.39 Rating (161 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

Yes a physical inventory is neces... View full answer

blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Document Format (1 attachment)

Word file Icon

73-B-A-M-B (601).docx

120 KBs Word File

Students Have Also Explored These Related Accounting Questions!

Q:

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

Q:

Why do sales transactions under a perpetual inventory system require two journal entries?

Q:

Why do sales transactions under a perpetual inventory system require two journal entries?

Q:

What is the main difference between the periodic system of accounting for inventory and the perpetual system of accounting for inventory? Is a physical inventory necessary under the perpetual system?...

Q:

What is the main difference between the periodic system of accounting for inventory and the perpetual system of accounting for inventory? Is a physical inventory necessary under the perpetual system?...

Q:

What is the main difference between the periodic system of accounting for inventory and the perpetual system of accounting for inventory? Is a physical inventory necessary under the perpetual system?...

Q:

1. Under which method is taking a physical inventory necessary? a.Periodic and perpetual inventory systems b.Periodic inventory system c.Perpetual inventory system d.Not necessary under either the...

Q:

What are the two fundamental equality requirements of the double-entry accounting system? efine debit and credit and explain how assets, liabilities, common stock, retained earnings, revenues,...

Q:

1.) 1. In a perpetual inventory system, transportation charges are recorded with a debit to the merchandise inventory account. 2. An income statement in which the details of the cost of goods sold...

Q:

Describe how the perpetual inventory system works. What are some advantages of using the perpetual inventory system? Is it necessary to take physical inventory when using the perpetual system?

Q:

Verizox Company uses a job order cost system with manufacturing overhead applied to products based on direct labor hours. At the beginning of the most recent year, the company estimated its...

Q:

Amanda is the supervisor at an urban grocery store. Her staff comes from many different backgrounds. Amanda is skilled at hearing all sides of her team's concerns, considering all of their views, and...

Q:

a levered firm sells farm equipment supplies in tis retail outlets. the firm is considering expanding into sales of 3 - and 4 - wheeled all terrain recreational vehicles. since this is an entirely...

Q:

The Architect total contract fee for the project is: $235,000. The Basic Services will be performed in four phases as described below. The services shall be rendered in the following phases:...

Q:

You manage the shipping of item #TA095 from your supplier. The shipments for this item are delivered to the nearest port, and you have to transport them to the distribution center. You have two...

Q:

How would you characterize the alignment between Huaweis business and reward practices?

Q:

Descriptive Statistics Overview Use your textbook, the Internet, newspaper websites (such as USA Today, The New York Times, The Wall Street Journal, or The Washington Post) and the Strayer Library to...

Q:

ABC Pty Ltd intends to form a special purpose vehicle (SPV) in Australia. This will involve building new water treatment facilities. ABC Pty Ltd intends to undertake the development of the proposed...

Q:

Use the Squeeze Theorem to evaluate by verifying the given inequality. lim an n

Q:

Use the comparative income statement for Ortizs Jewelry Store, Inc., presented in Problem. In Problem, During 2013, Ortizs Jewelry Store, Inc., began a sales promotion campaign that cost $ 9,672 more...

Q:

The condensed comparative income statement of McCourt Manufacturing Corporation follows. Required 1. Express the income statement data in trend percentages. Round to the nearest tenth of a percent...

Q:

Following are the year-end financial statements of Steves Music Store. The current market price of common stock is $ 29.50 per share. At the beginning of the year, stockholders equity was $ 192,000....

Q:

Let X1, ... , Xn~Poi(1). (a) Find the best CR for testing Ho: 1 = 2 and Ha: 1 = 5 Ans: 241=1 (X1) e3n S k 5 n In k - 3n i=1 In UIN Etz1(x;) 2 c since In is negative . (b) If n = 4 and Ho will be...

Q:

Ganado Europe (A). Using facts in the chapter for Ganado Europe, assume the exchange rate on January 2, 2016, in Exhibit 11.5 dropped in value from $1.1200/ to $0.9300/. Recalculate Ganado Europe's...

Q:

Se tiene una poblacin muy numerosa con = 40. Determine el error estndar de la media para n = 200.