Examlex
Four of the five answers listed below are functions of the skeleton. Select the exception.
Perpetual Inventory System
An accounting method that records inventory purchases and sales in real time through continuous updates to inventory accounts.
LIFO Assumption
An inventory costing method that assumes the last items purchased are the first ones sold (Last In, First Out).
FIFO Assumption
Stands for First-In, First-Out, an inventory costing assumption where the first items purchased are the first ones to be sold.
Inventory Count
The process of physically counting the items in stock to verify the accuracy of inventory records.
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