Which of the following is false regarding a perpetual inventory system? a. Physical counts are never needed
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Which of the following is false regarding a perpetual inventory system?
a. Physical counts are never needed because records are maintained on a transaction-by-transaction basis.
b. The Inventory records are updated with each inventory purchase, sale, or return transaction.
c. Cost of Goods Sold is increased as sales are recorded.
d. A perpetual inventory system can be used to detect shrinkage.
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Related Book For
Fundamentals Of Financial Accounting
ISBN: 9781265440169
7th Edition
Authors: Fred Phillips, Shana Clor Proell, Robert Libby, Patricia Libby
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