Companies cannot use the
A)periodic inventory system under GAAP.
B)periodic inventory system under IFRS.
C)perpetual system under IFRS.
D)both periodic and perpetual can be used under GAAP and IFRS.

Question

Quizplus · Accepted Answer

Both the periodic and perpetual inventory systems can be used under both GAAP and IFRS. The choice of which system to use is up to the company's discretion and depends on factors such as the size of the inventory, the complexity of the transactions, and the cost of implementing and maintaining each system.

Companies Cannot Use the