33) In a perpetual inventory system, cost of goods sold is recorded A) on a monthly basis. B) each time a sale occurs. C) on an annual basis. D) on a daily basis. 34) Under the perpetual inventory system, which of the following accounts would not be used? A) Inventory B) Sales Revenue C) Purchases D Cost of Goods Sold 35) Under a perpetual inventory system, acquisition of merchandise for resale is debited to A) the Supplies account B) the Purchases account C) the cost of Goods Sold account. D) the Inventory account. 36) A system of internal control A) is infallible. B) invariably will have costs exceeding benefits. C) is premised on the concept of absolute assurance. D) can be rendered ineffective by employee collusion. 37) Which of the following is not an internal control activity for cash? A) Banking facilities should be used as much as possible. B) Employees who have access to cash should be bonded. C) All payments should be made with currency, not checks. D) The amount of cash on hand should be kept to a minimum