Question: 1 1 . * * In a perpetual inventory system, when goods are sold, which account is credited? * * A ) Inventory B )

11.**In a perpetual inventory system, when goods are sold, which account is credited?**
A) Inventory
B) Cost of Goods Sold
C) Accounts Payable
D) Sales Revenue
12.**What does the term "materiality" refer to in accounting?**
A) The significance of an items impact on financial statements
B) The physical nature

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