Computers Has Made the Periodic Inventory System More Popular and Easier

question 228

True/False

Computers has made the periodic inventory system more popular and easier to apply.

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Definitions:

Accounting Estimate

An approximation of a financial transaction's value when precise measurement is not possible, often used in accrual accounting.

Financial Statements

Reports that provide detailed information about a company's financial condition in terms of income, expenses, assets, and liabilities.

Useful Life

The estimated period over which an asset is expected to be functional and economically feasible for its intended purpose.

Salvage Value

The projected selling price of an asset when its useful life concludes.