Indicate Whether Each of the Following Statements Is True or False

question 49

Short Answer

Indicate whether each of the following statements is true or false.
_____ a)The perpetual inventory method recognizes inventory transactions as they occur.
_____ b)The periodic inventory method recognizes sales revenue at the end of the accounting period.
_____ c)A physical count of inventory at the end of each accounting period is necessary for the periodic inventory system,as well as for the perpetual inventory system.
_____ d)A periodic inventory system requires more detailed record keeping than a perpetual inventory system.
_____ e)With a periodic inventory system,cost of goods sold is not determined until the end of the accounting period.

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