Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. which of the following statements is not true unde

Which of the following statements is NOT true under the perpetual inventory system? ...

60.1K

Verified Solution

Question

Accounting

Which of the following statements is NOT true under the perpetual inventory system?
a. Since inventory shrinkage cannot be totally eliminated, it is considered a normal cost of operations.
b. The balance of the inventory account is the amount of merchandise available for sale at that point in time.
c. The physical inventory on hand at the end of the accounting period is usually more than the balance of Merchandise Inventory.
d. The merchandise inventory account is continually updated for purchase and sales transactions.
image

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Accounting
1.2K views

Cost of Goods ManufacturedSlapshot Company makes ice hockey sticks. During the month ofJune, the...Cost...

Statistics
1.2K views

10.4 Comparing two means: Paired samples \"We want to know if there is a difference between...

Basic Math
1.2K views

Share a link to a news article or study that you think exhibits a sampling error...

Advance Math
1.2K views

2. Define a relation R on pairs of real numbers as follows: (a, b)R(c, d) iff...

Basic Math
1.2K views

Consider the quarterly electricity production for years 1-4: Year 1 2 3 4 Q1 99 120...

Basic Math
1.2K views

Asume the transformed function g x is obtained from f x 1 after a vertical...

Accounting
1.2K views

Question 10(3 points) The attainable budget for a company is listed in the table...

Accounting
1.2K views

If a taxpayer has not received her 90 day letter, how might she toll interest...

Accounting
1.2K views

Simone donated a landscape painting (tangible capital gain property) to a library, a public charity....

Accounting
1.2K views

A supply company manufactures copy machines. The unit cost C(the cost in dollars to make...

Accounting
1.2K views

A large retailer reported revenue of $1,685,000. The companys gross profit percentage was 31 percent....

Finance
1.2K views

PLEASE ANSWER ALL rate that the firm is paying? The Consumer Price...