The Essence of the Perpetual Method of Accounting for Inventory

question 13

Multiple Choice

The essence of the perpetual method of accounting for inventory is:

• A)All movements in each item of stock are tracked via detailed inventory records
• B)A stocktake is performed
• C)Cost of sales is calculated at the end of the accounting period
• D)It is useful for high value,low volume items

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Definitions:

Attorney General

The principal legal officer of the state or a country, responsible for representing the government in legal matters and giving legal advice to the government.

Public Nuisance

An act or omission that obstructs, damages, or inconveniences the rights of the community or the general public.

Kyoto Protocol

An international agreement linked to the United Nations Framework Convention on Climate Change that commits its parties by setting internationally binding emission reduction targets.

Greenhouse Gases

Gases in Earth's atmosphere that trap heat, such as carbon dioxide and methane, contributing to global warming and climate change.