One thing in common between a perpetual and a periodic inventory system is that:

Select one:

a. Neither can be used under IFRS

b. The Refund Liability Account must be used for both.

c. Two journal entries must be prepared for each time a sale of merchandise occurs.

d. The Estimated Inventory Returns must equal the Coefficient of Cost of Goods Sold Ratio

e. A physical inventory count must be performed at least once a year.