8- Continous recording of an inventory system as they are bought and sold is called Select one: a. Both A and B b. Inventory shrinkage c. Perpetual inventory system O d. Periodic inventory system 9- Sales less cost of goods sold is closing stock. Select one: True O False 10-The pricing method reduces profit figure and results in income tax saving is Select one: a. Weighted Average price method O b. Last in First Out Method c. First in First Out method d. Average price method 11- Inventory is a long term asset as it cannot be converted into cash within the company's operating cycle. Select one: True False 12- The sequence of transactions through which an enterprise makes its revenue is called Select one: O a. Gross profit b. Cost of goods sold c. Operating cycle d. Net profit