The inventory account balance is not adjusted as sales and purchases are made under a periodic system.

Name: The inventory account balance is not adjusted as sales and purchases are made under a periodic system.
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Question

Quizplus · Accepted Answer

Under a periodic inventory system, the inventory account balance is not continuously updated for each sale or purchase transaction; adjustments are made at the end of the accounting period when a physical inventory count is conducted.

The Inventory Account Balance Is Not Adjusted as Sales and Purchases