Quiz 27: Periodic and Perpetual inventory Quiz

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1. An account used in the periodic inventory system that is not used in the perpetual inventory system is?
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2. An account used in the perpetual inventory system that is not used in the periodic inventory system?
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3. A perpetual inventory system continually updates accounting records for inventory transactions?
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4. When merchandise is purchased on account under the perpetual inventory system the debit side of the journal entry is to which account?
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5. What is the inventory system in which the inventory records do not show cost of sales?
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6. In a perpetual inventory system cost of goods sold is recorded how often?
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7. Which cost flow assumptions can the periodic inventory accounting system use? FIFO, LIFO, Average
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8.When an item is sold, using the perpetual accounting system, what is the entry to the inventory account?
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9. When an item is sold, using the periodic accounting system, what is the entry to the inventory account?
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10. In the periodic inventory accounting system, what is missing from the following formula for calculating cost of goods sold? Cost of goods sold = Opening inventory + ? – Closing inventory
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Quiz 27: Periodic and Perpetual inventory Quiz December 14th, 2016Team

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