In accounting for inventory, companies
A) cannot use the periodic inventory system under GAAP.
B) cannot use the periodic inventory system under IFRS.
C) cannot use the perpetual system under IFRS.
D) can use both periodic and perpetual inventory systems under GAAP and IFRS.
IFRS.

Question

Quizplus · Accepted Answer

Both GAAP and IFRS allow companies to use either the periodic inventory system or the perpetual inventory system for accounting for inventory.

In Accounting for Inventory, Companies