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Question 1.32 The expense categories that represent a variety of expenses such as wages, utilities, advertising and rent is known as: O Other Expenses O Cost of Goods Sold O Selling and Administrative Expenses. O Business Expenses Question 1.33 Benefits of a perpetual inventory system include all of the following except: O Eliminates the need to ever count inventory O Keeps track of ending inventory balances O Inventory records are updated after each transaction O Allows companies to keep just the right quantity of products on the shelves Question 1.34 When a buyer purchases inventory on credit the two accounts affected are: O Inventory and Accounts Payable. O Accounts Payable and Cost of Goods Sold O Sales and Accounts Payablo O Inventory and Accounts Receivable