Which of the following statements is not correct?
A)In a perpetual inventory system,the "cash register" at the store is a computer terminal that records sales and updates inventory records.
B)Even in a perpetual inventory system,a business must count inventory at least one a year.
C)Restaurants and small retail stores often use the periodic inventory system.
D)In a periodic inventory system,merchandise inventory and purchasing systems are integrated with the records for Accounts Receivable and Sales Revenue.

Question

Quizplus · Accepted Answer

In a periodic inventory system, there is no integration between merchandise inventory and purchasing systems with the records for Accounts Receivable and Sales Revenue. Instead, businesses rely on physical inventory counts to determine the cost of goods sold and adjust their records accordingly.

Which of the Following Statements Is Not Correct