Choose the correct statement concerning periodic and perpetual inventory systems.
A) Only the periodic system requires a physical count once per year
B) The balance in the inventory account is known twice per fiscal year under the periodic system
C) Both systems provide a means of estimating shrinkage loss
D) Only the periodic system ever requires an adjusting entry at the end of each year after the physical count

Question

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The Answer of Choose the correct statement concerning periodic and perpetual inventory systems.
A) Only the periodic system requires a physical count once per year
B) The balance in the inventory account is known twice per fiscal year under the periodic system
C) Both systems provide a means of estimating shrinkage loss
D) Only the periodic system ever requires an adjusting entry at the end of each year after the physical count

Choose the Correct Statement Concerning Periodic and Perpetual Inventory Systems