Accountıng I Deneme Sınavı Sorusu #1313811
Which one is the definition of "Periodic Inventory System"?
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It is a system of tracking and recording inventory and costs of goods sold on a continual basis. |
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It is a system of determining the quantity of inventory on hand only periodically. |
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It is the task of displaying the current inventory balance at any point in time. |
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It is the system of keeping a running computerized record of merchandise inventory. |
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It is about achieving better control over the inventory by recording monthly accounts. |
Periodic Inventory System is an inventory system which relies upon physical count of the inventory to determine the ending inventory balance and cost of goods sold. In other words, no effort is made to keep up-todate records of either the inventory or cost of goods sold, physical count of inventory is made at specific intervals. B is the right answer.
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