10.Which of the following statement(s) is (are) true about the perpetual system. A. Physical count is unnecessary for the perpetual system. B. The inventory account is used to record purchase returns and discounts. C. The system uses individual subsidiary ledgers for each inventory items. D. A formula is needed to compute for the cost of goods sold. E. The cost of sales account is debited at cost when goods are sold. A, B and C B, C and E C, D and E D, E and C
10.Which of the following statement(s) is (are) true about the perpetual system. A. Physical count is unnecessary for the perpetual system. B. The inventory account is used to record purchase returns and discounts. C. The system uses individual subsidiary ledgers for each inventory items. D. A formula is needed to compute for the cost of goods sold. E. The cost of sales account is debited at cost when goods are sold. A, B and C B, C and E C, D and E D, E and C
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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10.Which of the following statement(s) is (are) true about the perpetual system.
A. Physical count is unnecessary for the perpetual system.
B. The inventory account is used to record purchase returns and discounts.
C. The system uses individual subsidiary ledgers for each inventory items.
D. A formula is needed to compute for the cost of goods sold.
E. The cost of sales account is debited at cost when goods are sold.
A. Physical count is unnecessary for the perpetual system.
B. The inventory account is used to record purchase returns and discounts.
C. The system uses individual subsidiary ledgers for each inventory items.
D. A formula is needed to compute for the cost of goods sold.
E. The cost of sales account is debited at cost when goods are sold.
A, B and C
B, C and E
C, D and E
D, E and C
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