Accountıng I Deneme Sınavı Sorusu #1313833
Which of the following is the definition of "perpetual inventory system"?
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It is a method of approximating the flow of inventory costs in a business that is used to determine the amount of cost of goods sold |
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It is a method of calculating the Cost of Ending Inventory and Cost of Goods Sold once at the end of an accounting period |
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It is an inventory system of tracking and recording inventory and cost of goods sold on a continual basis |
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It is an alternative way of calculating real time balances of Inventory Account and the Cost of Goods Sold Account. |
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It is a system of determining the quantity of inventory on hand only periodically. |
Perpetual Inventory System is a system of tracking and recording inventory and costs of goods sold on a continual basis, so current inventory balance can be calculated on real time basis, and the accounting system can display the current inventory balance at any point in time. The perpetual inventory system keeps a running computerized record of merchandise inventory, that is, the number of inventory units and the money amounts associated with the inventory are perpetually (continuously) updated.
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