The Journal Entries Required for Purchase and Sales Transactions Using

question 44

Multiple Choice

The journal entries required for purchase and sales transactions using the perpetual system are more complex than under the periodic system but offer the advantage of

• A)requiring the additional control of a physical inventory count whenever accurate inventory amounts are needed.
• B)delaying the majority of the accounting effort until year-end.
• C)requiring the use of the average cost method.
• D)providing management with more complete information from which to control inventories.

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