Match each of the following terms (a-h) with the correct definition below.
-Inventory system that updates the inventory account only at the end of the accounting period based on a physical count of inventory on hand.

Question

Quizplus · Accepted Answer

The periodic inventory system updates the inventory account only at the end of the accounting period based on a physical count of inventory on hand, distinguishing it from a perpetual inventory system that updates inventory records continuously.

Match Each of the Following Terms (A-H) with the Correct