When a Cost Accounting System Is Used, Perpetual Inventory Records

question 96

Short Answer

When a cost accounting system is used, perpetual inventory records are kept for raw materials, work in process, and ----------.

---

Definitions:

Voidable

A term describing a legal agreement that may be declared invalid by one of the parties due to certain conditions not being met or due to the presence of coercion, misrepresentation, or fraud.

Voluntary

Acting or done willingly and without obligation or compensation.

Public Policy

Principles and standards regarded by the legislature or courts as being of fundamental concern to the state and the whole of society.

Illegal

That which is forbidden by law; activities or actions that are against statutory laws and regulations.