Financial Accounting
In a perpetual inventory system, what are the two accounting entries made when a sale occurs?
When does a periodic inventory system update the inventory account?
Which of the following is an advantage of using a perpetual inventory system over a periodic system?
Which algebraic rearrangement correctly solves for cost of goods sold?
In a periodic inventory system, what entry is made at the time of sale?
Which of the following represents the correct rearrangement of the inventory equation to solve for cost of goods sold?
A company sells a product for \$200 that cost \$120 to purchase. What is the net impact on equity under a perpetual inventory system?
A company sells a product for \$100 that cost \$60 to purchase. Under a perpetual inventory system, what is the net impact on the accounting equation?
Which technology has facilitated the widespread adoption of perpetual inventory systems?
What is a key feature of the perpetual inventory system?
