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Identify and State the Historical Significance of the Following

question 48

Short Answer

Identify and state the historical significance of the following:
-globalization


Definitions:

Perpetual Inventory System

An approach in inventory accounting that employs computerized point-of-sale systems and enterprise asset management software to instantaneously record the purchase or sale of inventory items.

Credit To Inventory

An accounting entry that increases the inventory account, reflecting the addition of goods or the correction of an underreported inventory balance.

Credit Period

The amount of time the buyer is allowed in which to pay the seller.

Credit Memo

A document issued by a seller to a buyer, reducing the amount the buyer owes to the seller under previous invoices.

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