1, Sage 50 Accounting allows you to go from month to month without closing the accounting period by simply changing the accounting period.

true or false

2 Which of the following is a type of inventory costing (valuation) method?

A.LIFO

B.FILO

C.perpetual

D.periodic

3. Which of the following is not a characteristic of the perpetual inventory system?

A.Maintains a continuous record of the dollar value of inventory.

B.Lacks information about the current dollar amount of inventory available for sale during the accounting period.

C.Maintains a running balance for all inventory items.

D.Updates the Inventory and Cost of Goods Sold accounts throughout the accounting period after each sales transaction.