Question: The primary difference between the periodic and perpetual inventory systems is that a a. periodic system provides an easy means to determine inventory shrinkage b.

The primary difference between the periodic and perpetual inventory systems is that a

a. periodic system provides an easy means to determine inventory shrinkage

b. periodic system determines the inventory on hand only with a physical count at the end of the accounting period

c. periodic system records the cost of the sale on the date the sale is made

d. periodic system keeps a record showing the inventory on hand at all times

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock 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

Students Have Also Explored These Related Accounting Questions!

Q:

The primary difference between the periodic and perpetual inventory systems is that a a . periodic system determines the inventory on hand only at the end of the accounting period b . periodic system...

Q:

Calculator Print Item The primary difference between the periodic and perpetual inventory systems is that a a. periodic system keeps a record showing the inventory on hand at all times b. periodic...

Q:

THANK YOU SO MUCH I WILL BE SURE TO LEAVE A GREAT RATING AND NOTE!!!!! 20. The primary difference between the periodic and perpetual inventory systems is that a periodic system determines the...

Q:

30. Which one of the fixed asset accounts listed below will not have a related contra asset account? a. Office Equipment b. Land c. Delivery Equipment Building 31. The income statensent should be...

Q:

The primary difference between a periodic and perpetual inventory system is thek a a. periodic system keeps a record showling the inventory on hand at all times . periodie system determines the...

Q:

Inventory is classified on the balance sheet as a a.current liability b.long-term asset c.current asset d.long-term liability What is the term applied to the excess of sales over the cost of goods...

Q:

Help to answer these questions for my Intro to Accounting class 1 The inventory data for an item for November are: Nov. I Inventory 20 units at $19 4 Sold 10 units 10 Purchased 30 units at $20 17...

Q:

The primary difference between the periodic and perpetual inventory systems is that a O A. periodic system records the cost of the sale on the date the sale is made O B. periodic system provides an...

Q:

Online nment/takeAssignmentMain.do?inprogress-true Calculator The primary difference between the periodic and perpetual inventory systems is that a Operiodic system keeps a record showing the...

Q:

Multiple Choice Identify the choice that best completes the statement or answers the question. 1. Merchandise with a sales price of $800 is sold on account with term 2/10, n/30. The journal entry to...

Q:

Suppose the Australia Bureau of Statistics indicated that the Consumer Price Index (CPI) increased to 103.2 in 2019 from 104.5 in 2018. Use this information to answer the following questions: i)...

Q:

Salaries for various positions can vary significantly, depending on whether or not the company is in the public or private sector.The U.S. Department of Labor posted the 2007 average salary for human...

Q:

One of the attributes of surtainability is that if Mutiple Choice reduces competeve advartage. Cannot be used in the long term. is a good risk management strategy. can lead to huge expenses.

Q:

Q2 Raiders Restaurant is considering the purchase of a $10,000,000 flat-top grill. The grill has an economic life of 7 years and will be fully depreciated using the straight-line method. The grill is...