Question
22. Which of the following is not true of perpetual inventory system? A. Two journal entries are recorded simultaneously when a sale occurs. B. Cost
22. Which of the following is not true of perpetual inventory system?
A. Two journal entries are recorded simultaneously when a sale occurs.
B. Cost of Goods sold is calculated by a formula
C. Purchases of inventory are debited to an Inventory account.
D. The computer software keeps a running record of inventory on hand.
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College Accounting A Practical Approach
Authors: Jeffrey Slater, Brian Zwicker
12th Canadian edition
133133230, 978-0133133233
