Question: What is the difference between a periodic inventory system and a perpetual inventory system? Discuss.

What is the difference between a periodic inventory system and a perpetual inventory system? Discuss.

Step by Step Solution

★★★★★

3.34 Rating (169 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

The periodic inventory system is a method of recording inventory that required the company to determ... View full answer

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

Document Format (1 attachment)

Word file Icon

339-B-A-P (483).docx

120 KBs Word File

Students Have Also Explored These Related Accounting Questions!

Q:

The main difference between a periodic inventory system and a perpetual inventory system is: a. The length of time it takes to sell an item in inventory b. The frequency of receipt of goods by the...

Q:

What is the difference between a periodic and perpetual inventory system?

Q:

What is the difference between a realized gain or loss and an unrealized gain or loss?

Q:

Which of the following is a difference between the periodic inventory system and the perpetual inventory system? a . The Merchandise Inventory account is used under the periodic inventory system but...

Q:

What is the primary difference between a periodic inventory system and a perpetual inventory system? A ) Periodic systems update inventory after each sale. B ) Perpetual systems update inventory at...

Q:

chandise sold L A merchandiser reports gross profit on its income state KNOWLEDGE CHECK-UP ment to demonstrate which of the following: 2. How much the company earns after deducting the dir ect cost...

Q:

Which option best describes the difference between a periodic inventory system and a perpetual inventory system? A periodic inventory count is generally more accurate than a random inventory count,...

Q:

What is the difference between a periodic inventory system and a perpetual inventory system? (Appendix)

Q:

What is the difference between the periodic inventory system and the perpetual inventory system?

Q:

Students will research and submit a document where: Identify examples of the following methods for determining the cost of inventory, FIFO, LIFO, AVERAGE COST. Make the difference between a periodic...

Q:

Gas is contained in an 8.00-L vessel at a temperature of 20.0C and a pressure of 9.00 atm. (a) Determine the number of moles of gas in the vessel. (b) How many molecules are there in the vessel?

Q:

Calculate the molarity of a preparation, diluting 125 mL of 0.400 M K2Cr2O2 with 875 mL of water.

Q:

A study was conducted on pregnant women and the subsequent development of their children (Olds et al., 1994). One of the questions of interest was whether the IQ of children would differ for mothers...

Q:

Carry out a sensitivity analysis of the projects NPV. Your main variables of interest are revenue growth rate, working capital percentage of revenues and total variable production cost percentage of...

Q:

ADJUSTING JOURNAL ENTRIES FOR A MANUFACTURING BUSINESS Prepare the December 31 adjusting journal entries for Ortiz Company. Data for the end of the year adjustments are as follows: Factory overhead...

Q:

CLOSING JOURNAL ENTRIES Prepare closing journal entries for Armour Company for the year ended December 31. Data for the closing entries are as follows: Factory overhead, debit and credit balance...

Q:

REVERSING ENTRIES Prepare reversing journal entries for Hendrix Company on January 1, 20-2. The following year-end adjustments weremade: 20-1 Dec. 31 Interest Receivable Interest Revenue Interest...

Q:

Course Materials for Stat 200 - STAT A200 202 202101.. M MyOpenMath The work week for adults in the US that work full time is normally distributed with a mean of 47 hours. A newly hired engineer at a...

Q:

Let X equal the verbal score on the Graduate Record Examinations (GRE). Assume that the distribution of X is approximately N(, ). Suppose it is known that = 150. A philosophy professor claims that...

Q:

11. Nonannual compounding period Aa Aa E The number of compounding periods in one year is called compounding frequency. The compounding frequency affects both the present and future values of cash...