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Indicate whether each of the following statements is true or false.

Indicate whether each of the following statements is true or false.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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F.23.

 

Indicate whether each of the following statements is true or false. a) The perpetual inventory system recognizes inventory transactions as they occur. b) The periodic inventory system recognizes sales revenue at the end of the accounting period. c) A physical count of inventory at the end of each accounting period is necessary for the periodic inventory system, as well as for the perpetual inventory system. d) A periodic inventory system requires more detailed record keeping than a perpetual inventory system. e) With a periodic inventory system, cost of goods sold is not determined until the end of the accounting period.
Transcribed Image Text:Indicate whether each of the following statements is true or false. a) The perpetual inventory system recognizes inventory transactions as they occur. b) The periodic inventory system recognizes sales revenue at the end of the accounting period. c) A physical count of inventory at the end of each accounting period is necessary for the periodic inventory system, as well as for the perpetual inventory system. d) A periodic inventory system requires more detailed record keeping than a perpetual inventory system. e) With a periodic inventory system, cost of goods sold is not determined until the end of the accounting period.
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