Describe the Difference Between the Periodic and Perpetual Inventory Accounting

question 48

Essay

Describe the difference between the periodic and perpetual inventory accounting systems.

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Definitions:

Crude Oil

A naturally occurring, unrefined petroleum product composed of hydrocarbon deposits and other organic materials.

Producer Surplus

is the difference between the amount producers are willing to accept for a good or service versus what they actually receive.

Consumer Surplus

The discrepancy between the sum consumers are ready and able to spend on a good or service and the sum they end up paying.

Consumer Surplus

The distinction between the expected total consumer spending on a product or service and the real total paid.