Which of the following is true about inventory systems?
A) Periodic inventory systems require more detailed inventory records.
B) Perpetual inventory systems require more detailed inventory records.
C) A periodic system requires cost of goods sold to be recorded after each sale.
D) A perpetual system determines cost of goods sold only at the end of the accounting period.

Question

Quizplus · Accepted Answer

Perpetual inventory systems continuously update inventory records and require detailed tracking of each transaction, whereas periodic systems update records at specific intervals.

Which of the Following Is True About Inventory Systems