Inventory Accounting Systems: The two main types of inventory accounting systems according to the US GAAP (Generally Accepted Accounting Principles) are periodic and perpetual. The traditional method was periodic which was used in the past but now mostly perpetual accounting is used. Under periodic system, the accounting was done at a certain period. But with the evolution of trade and commerce, the perpetual method has taken its place. The systems are integrated so as to update the information in the master data which shall serve as input to all the departments such as production, ordering, sales, inventory etc. The two main types of inventory accounting systems

Question

Want to see the full answer?

Answer 1

Question

Chapter 5, Problem 2QC

To determine

Inventory Accounting Systems: The two main types of inventory accounting systems according to the US GAAP (Generally Accepted Accounting Principles) are periodic and perpetual.

The traditional method was periodic which was used in the past but now mostly perpetual accounting is used. Under periodic system, the accounting was done at a certain period. But with the evolution of trade and commerce, the perpetual method has taken its place. The systems are integrated so as to update the information in the master data which shall serve as input to all the departments such as production, ordering, sales, inventory etc.

The two main types of inventory accounting systems

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

Compute the company's predetermined overhead rate for the recently completed year.

What would be the effect on income from operations if absorption costing is used rather than variable costing?

provide answer please

Answer 2

Question

Chapter 5, Problem 2QC

To determine

Inventory Accounting Systems: The two main types of inventory accounting systems according to the US GAAP (Generally Accepted Accounting Principles) are periodic and perpetual.

The traditional method was periodic which was used in the past but now mostly perpetual accounting is used. Under periodic system, the accounting was done at a certain period. But with the evolution of trade and commerce, the perpetual method has taken its place. The systems are integrated so as to update the information in the master data which shall serve as input to all the departments such as production, ordering, sales, inventory etc.

The two main types of inventory accounting systems

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 5, Problem 2QC

To determine

Inventory Accounting Systems: The two main types of inventory accounting systems according to the US GAAP (Generally Accepted Accounting Principles) are periodic and perpetual.

The traditional method was periodic which was used in the past but now mostly perpetual accounting is used. Under periodic system, the accounting was done at a certain period. But with the evolution of trade and commerce, the perpetual method has taken its place. The systems are integrated so as to update the information in the master data which shall serve as input to all the departments such as production, ordering, sales, inventory etc.

The two main types of inventory accounting systems

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 5, Problem 2QC

To determine

Inventory Accounting Systems: The two main types of inventory accounting systems according to the US GAAP (Generally Accepted Accounting Principles) are periodic and perpetual.

The traditional method was periodic which was used in the past but now mostly perpetual accounting is used. Under periodic system, the accounting was done at a certain period. But with the evolution of trade and commerce, the perpetual method has taken its place. The systems are integrated so as to update the information in the master data which shall serve as input to all the departments such as production, ordering, sales, inventory etc.

The two main types of inventory accounting systems

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 5

Chapter 5, Problem 2QC

To determine

Inventory Accounting Systems: The two main types of inventory accounting systems according to the US GAAP (Generally Accepted Accounting Principles) are periodic and perpetual.

The traditional method was periodic which was used in the past but now mostly perpetual accounting is used. Under periodic system, the accounting was done at a certain period. But with the evolution of trade and commerce, the perpetual method has taken its place. The systems are integrated so as to update the information in the master data which shall serve as input to all the departments such as production, ordering, sales, inventory etc.

The two main types of inventory accounting systems

Answer 6

Chapter 5, Problem 2QC

To determine

Inventory Accounting Systems: The two main types of inventory accounting systems according to the US GAAP (Generally Accepted Accounting Principles) are periodic and perpetual.

The traditional method was periodic which was used in the past but now mostly perpetual accounting is used. Under periodic system, the accounting was done at a certain period. But with the evolution of trade and commerce, the perpetual method has taken its place. The systems are integrated so as to update the information in the master data which shall serve as input to all the departments such as production, ordering, sales, inventory etc.

The two main types of inventory accounting systems

Answer 7

Chapter 5, Problem 2QC

To determine

Inventory Accounting Systems: The two main types of inventory accounting systems according to the US GAAP (Generally Accepted Accounting Principles) are periodic and perpetual.

The traditional method was periodic which was used in the past but now mostly perpetual accounting is used. Under periodic system, the accounting was done at a certain period. But with the evolution of trade and commerce, the perpetual method has taken its place. The systems are integrated so as to update the information in the master data which shall serve as input to all the departments such as production, ordering, sales, inventory etc.

The two main types of inventory accounting systems

Answer 8

Expert Solution & Answer

Answer 9

Expert Solution & Answer

Answer 10

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 11

Ch. 5 - Which account does a merchandiser use that a...Ch. 5 - 2. The two main inventory accounting system are...Ch. 5 - The journal entry for the purchase of inventory on...Ch. 5 - JC manufacturing purchased inventory for $5,300...Ch. 5 - Prob. 5QC Ch. 5 - Prob. 6QC Ch. 5 - Which of the following accounts would be closed at...Ch. 5 - What is the order of the subtotals that appear on...Ch. 5 - Assume Juniper Natural Dyes made Net Sales Revenue...Ch. 5 - ( 11B_ The journal entry for the purchase of...

Videos

Want to see the full answer?

Chapter 5 Solutions