$11.**$In a perpetual inventory system, when goods are sold, which account is credited?$**$

A$)$ Inventory

B$)$ Cost of Goods Sold

C$)$ Accounts Payable

D$)$ Sales Revenue

$12.**$What does the term "materiality" refer to in accounting?$**$

A$)$ The significance of an items impact on financial statements

B$)$ The physical nature