ACCT 331 Certification Exam Questions and CORRECT Answers
When a periodic inventory system is used the balance in the inventory account should approximate inventory on hand. two entries are required to record a sale. purchases of inventory are charged to the Inventory account. a physical count of inventory is required at the end of the accounting period to determine cost of goods sold. a physical count of inventory is required at the end of the accounting period to determine cost of goods sold. When a perpetual inventory system is used Cost of Goods Sold account is debited when goods are sold. no Purchases account is used. two entries are required to record a sale. All of the choices are correct. All of the choices are correc
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