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Perpetual Inventory System
A method of accounting for inventory that updates the inventory levels continuously after each purchase, sale, or return.
Income Statement
An income statement is a financial statement that shows a company's revenues and expenses over a specific period, culminating in net income or loss.
Perpetual Inventory System
An inventory transaction recording method that utilizes computerized point-of-sale systems and enterprise asset management software to instantly register the sale or acquisition of goods.
Journal Entries
Written records of the financial transactions and events of a business, used to document and track the financial impact on its accounts.
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