Question 17 How inventory records are updated under periodic inventory system? Not yet answered Marked out of 1.00 Flag question None of these Inventory records are not updated at all Inventory records are updated automatically Inventory records are updated regularly Question 18 Identify the in-correct option about Cost of land improvements assets? Not yet answered Marked out of 1.00 (1 Mark) Flag question Cost includes cost of purchasing the land Accounting of land improvement asset will be done separately Question 19 Question 19 Not yet answered Marked out of 1.00 +Flag question Question 20 Land improvements are addition or improvements of the land and have limited useful life None of these Which of the following statements is true about perpetual inventory system? Mark) Which one of the following is true regarding retail inventory method? None of these (1 Mark) Stock count is done to determine cost of goods sold There is no control of management Stock count is done to confirm if units held are as per records Not yet answered Marked out of 1.00 Flag question Ending inventory = Cost of goods sold - cost of goods available for use None of these Result of this method is always correct for preparation of financial statements It is a relationship between cost of goods sold and retail price of goods (1 Mark) (1