Indicate Whether Each of the Following Statements Is True or False

question 111

Short Answer

Indicate whether each of the following statements is true or false.
_____ a) The perpetual inventory method recognizes inventory events as they occur.
_____ b) The periodic inventory method recognizes sales revenue at the end of the accounting period.
_____ c) A physical count of inventory at the end of each accounting period is necessary for the periodic inventory system, as well as for the perpetual inventory system.
_____ d) A periodic inventory system requires more detailed record keeping than a perpetual inventory system.
_____ e) With a periodic inventory system, cost of goods sold is not determined until the end of the accounting period.

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