The Two Main Types of Inventory Accounting Systems Are

question 101

Multiple Choice

The two main types of inventory accounting systems are:

• A)cost of goods sold and gross profit.
• B)perpetual and periodic.
• C)perpetual and continuous.
• D)none of the above.

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Definitions:

Copper

A reddish-brown metal that is highly conductive to electricity and heat, extensively used in electrical wiring and plumbing.

Perfectly Competitive Market

Market with many buyers and sellers, so that no single buyer or seller has a significant impact on price.

Market Price

The current price at which an asset or service can be bought or sold in the market.

Sellers

Individuals or entities that offer goods or services for sale in the market.