Introduction to Accounting
Question Description
Q1: In a perpetual inventory system:
a. Merchandise Inventory is debited every time inventory is purchased
b. cost of Goods Sold is debited every time inventory is sold.
c. a physical inventory is taken at least annually
d. all of the above
Question Description
Q1: In a perpetual inventory system:
a. Merchandise Inventory is debited every time inventory is purchased
b. cost of Goods Sold is debited every time inventory is sold.
c. a physical inventory is taken at least annually
d. all of the above