Which statement is not correct about perpetual inventory systems?
A) The balance in the Inventory account is always up-to-date.
B) A physical inventory count is not required.
C) Current information is available for cost of goods sold.
D) The Inventory account is updated for each purchase and sale.

Question

Quizplus · Accepted Answer

A physical inventory count is still required in a perpetual inventory system to verify the accuracy of the records and account for any discrepancies such as theft, loss, or damage.

Which Statement Is Not Correct About Perpetual Inventory Systems