Companies cannot use the
A) periodic inventory system under GAAP.
B) periodic inventory system under IFRS.
C) perpetual system under IFRS.
D) both periodic and perpetual can be used under GAAP and IFRS.

Question

Quizplus · Accepted Answer

Both GAAP (Generally Accepted Accounting Principles) and IFRS (International Financial Reporting Standards) allow companies to use either the periodic inventory system or the perpetual inventory system. These systems are methods for accounting for inventory and both standards provide flexibility in choosing the method that best suits the company's needs.

Companies Cannot Use the