Detailed records of goods held for resale are not maintained under a
A)perpetual inventory system.
B)periodic inventory system.
C)double entry accounting system.
D)single entry accounting system.

Question

Quizplus · Accepted Answer

In a periodic inventory system, detailed records of goods held for resale are not continuously updated with each transaction. Instead, the inventory is physically counted at the end of the accounting period to determine the cost of goods sold and the ending inventory balance.

Detailed Records of Goods Held for Resale Are Not Maintained