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Which of the following statements relating to the periodic inventory system is incorrect ? a. The balance in the Inventory account represents the cost of
Which of the following statements relating to the periodic inventory system is incorrect?
a. The balance in the Inventory account represents the cost of the inventory on hand at the beginning of the period.
b. The Inventory account is classified as a non-current asset.
c. Inventory purchases are recorded in the Purchases account.
d. A stocktake must be performed to determine the ending inventory balance.
Which of the following statements relating to the periodic inventory system is incorrect?
a.
The balance in the Inventory account represents the cost of the inventory on hand at the beginning of the period.
b.
The Inventory account is classified as a non-current asset.
c.
Inventory purchases are recorded in the Purchases account.
d.
A stocktake must be performed to determine the ending inventory balance.
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