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    bettyboop13's Avatar
    bettyboop13 Posts: 6, Reputation: 1
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    #1

    Aug 2, 2008, 05:08 PM
    Perpetual inventory system false statement
    Which of the following statements is false regarding a perpetual inventory system:

    a) physical counts are never needed since records are maintained on a transaction by transaction basis
    b) the balance in the inventory account is updated with each inventory purchase and sale transaction
    c) cost of goods sold is increased as sales are recorded
    d) the account purchases is not used as inventory is acquired
    949's Avatar
    949 Posts: 31, Reputation: 2
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    #2

    Aug 3, 2008, 08:12 AM
    Statement A is incorrect. There is always a need to do a physical count for inventory, regardless of the method being used.
    JudyKayTee's Avatar
    JudyKayTee Posts: 46,503, Reputation: 4600
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    #3

    Aug 3, 2008, 12:01 PM
    Quote Originally Posted by bettyboop13
    Which of the following statements is false regarding a perpetual inventory system:

    a) physical counts are never needed since records are maintained on a transaction by transaction basis
    b) the balance in the inventory account is updated with each inventory purchase and sale transaction
    c) cost of goods sold is increased as sales are recorded
    d) the account purchases is not used as inventory is acquired


    There is a sticky note that the board does not do homework. I would guess this is homework -
    JudyKayTee's Avatar
    JudyKayTee Posts: 46,503, Reputation: 4600
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    #4

    Aug 3, 2008, 01:43 PM
    [QUOTE=bettyboop13 disagrees: I have seen others that post similar questions that get answered and by the way this is not for homework it was a general study question[/QUOTE]



    Your reddie says that this is not homework, it's study work - but I fail to see the difference between the two.

    Here's the "sticky" quote:

    "Do NOT ask Homework Help questions here.

    We have a separate area for Homework Help under Education.


    Posted by site administrator.
    949's Avatar
    949 Posts: 31, Reputation: 2
    Junior Member
    		  
    #5

    Aug 4, 2008, 07:10 PM
    Your welcome, betty boop. Don't forget to give me a rating.
    JudyKayTee's Avatar
    JudyKayTee Posts: 46,503, Reputation: 4600
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    #6

    Aug 4, 2008, 07:16 PM
    Quote Originally Posted by 949
    your welcome, betty boop. dont forget to give me a rating.


    She already did - when you first posted the answer. Check your profile.
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