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A young child who has achieved object permanence will be aware that
Perpetual Inventory Method
An accounting method that continuously tracks inventory levels and costs, updating the inventory account after each purchase or sale.
General Journal Entries
The initial record where financial transactions are first entered into the accounting system, before summarizing or posting to ledgers.
Perpetual Inventory Method
An inventory system that updates inventory accounts after each purchase or sale on a continuous basis.
General Journal Entries
The recordation of financial transactions in the general journal in chronological order, which are then posted to individual accounts in the general ledger.
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