A business using the perpetual inventory system, with its detailed subsidiary records, does not need to take a physical inventory. Please explain with full explanation.  a. True b. False

Under a perpetual inventory system, acquisition of inventory is dented to the purchases account. True or false?

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Which of the following is a difference between the periodic inventory system and the perpetual inventory system? a. The Merchandise Inventory account is used under the perpetual inventory system but not under the periodic inventory system. Ob. The Purchases account is used under the periodic inventory system but not under the perpetual inventory system. c. The Merchandise Inventory account is used under the periodic inventory system but not under the perpetual inventory system. Od. The Purchases account is used under the perpetual inventory system but not under the periodic inventory system.

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