In Inventory Systems, When the Actual Quantity and the Accounting

question 10

Multiple Choice

In inventory systems, when the actual quantity and the accounting records quantity are compared it is referred to as:

• A)Perpetual inventory
• B)Inventory resolution
• C)The physical inventory reconciliation
• D)Periodic inventory

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Definitions:

Commercial Paper

A written promise from one company to another to pay a specific amount of money.

Accounts Receivable

Funds that are due to a company by customers who have purchased goods or services on credit.