Under the periodic inventory system:
A)inventory records are updated immediately after each purchase.
B)inventory must be counted at the end of each accounting period.
C)inventory does not have to be counted.(It can be taken from the accounting records. )
D)inventory levels must be counted every day.

Question

Quizplus · Accepted Answer

In a periodic inventory system,inventory records are not updated during the accounting period.An inventory count is required at the end of the period in order to adjust the balance in the inventory account and to determine cost of goods sold.

Under the Periodic Inventory System