Using a Perpetual Inventory System,the Purchase of Inventory Is Recorded

question 3

True/False

Using a perpetual inventory system,the purchase of inventory is recorded with a debit to the Purchases account,which is a temporary account closed to cost of goods sold at the end of the period.

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Definitions:

Storing Data

The process of saving data in a persistent storage medium, such as a hard drive, SSD, or cloud storage, so it can be retrieved and used later.

Hard Disk

A data storage device used for storing and retrieving digital information, using magnetic storage to store vast amounts of data persistently.

Input Device

Hardware used to provide data and control signals to an information processing system such as a computer. Examples include keyboards, mice, and scanners.

Hardware Component

Any physical part of a computer or electronic system, such as a processor, hard drive, or keyboard, that contributes to the machine's functionality.