Question 10 (1 point)

Periodic inventory system provides more timely infirmation to managers .

True

False

Question 11 (1 point)

the main difference between periodic and perpetual invenotory system is

a

the length of time it takes to receive goods into inventory

b

the frequency of receipt of goods by the receiving department

c

the frequency with which the accounting records are updated to reflect the receipt of goods into inventory

d

The length of time it it takes to sell an item in inventory

Question 12 (1 point)

Clsoing inventory is shown on Income Statment as cost for the period.

True

False

Question 13 (1 point)

At the year-end Carpet & Company has shipped $5000 worth of merchandise goods on FOB Destination basis to Stark Company. These goods are still in transit at the end of the year. Since the goods are on th way to stark company, at the year end Stark company should include this $ 5000 in their closing stock.

True

False