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Statement I: In the case of a periodic inventory system, the business knows the amount of the inventory before the next physical inventory is taken.
Statement I:
In the case of a periodic inventory system, the business knows the amount of the inventory before the next physical inventory is taken.
Statement II:
A perpetual inventory system allows for a periodic update of records on inventory.
Both statements are incorrect |
Both statements are correct |
Statement 1 is incorrect; statement 2 is correct |
Statement 1 is correct; statement 2 is incorrect |
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