In QBO, an Up-To-Date Record of Inventory Is Maintained and Tracked.This

question 17

Multiple Choice

In QBO, an up-to-date record of inventory is maintained and tracked.This is called:

• A)Perpetual inventory.
• B)Periodic inventory.
• C)Sales and cost of goods sold.
• D)Account payable and customer accounts.
• E)None of these.

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Definitions:

Company

An entity engaged in commercial, industrial, or professional activities, either as a single individual or a group of people structured as a corporation, partnership, or sole proprietorship.

Depreciation

The accounting method of allocating the cost of a tangible asset over its useful life, representing how much of the asset's value has been used up.

Long Lived Asset

An asset that is expected to provide economic benefits over a prolonged period, typically over one year, such as buildings, machinery, and equipment.

Service Life

Service life is the expected period during which an asset remains useful and operational for its intended purpose.