What Are the Difference(s) Between the Periodic and the Perpetual

question 62

Essay

What are the difference(s) between the periodic and the perpetual inventory systems?

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Definitions:

SEC

The U.S. Securities and Exchange Commission, a federal agency responsible for enforcing federal securities laws and regulating securities industry, stock and options exchanges.

U.S.GAAP

United States Generally Accepted Accounting Principles, a set of accounting standards and principles used to prepare financial statements in the U.S.

Economic Events

Transactions and occurrences that affect the financial position and performance of a business.

Accounting Numbers

Figures that represent the financial performance and position of a company, including income, expenses, assets, and liabilities.