Ongoing recordkeeping entries adjust for sales,purchases,transfers to other departments,and returns in a ________ system.

Question

Quizplus · Accepted Answer

Perpetual inventory system keeps a continuous record of inventory levels and adjusts them in real-time as sales, purchases, transfers, and returns occur. This allows for accurate and up-to-date recordkeeping without the need for regular physical stock-counting or visual inspection. A point-of-sale system can be used in conjunction with a perpetual inventory system to automatically update inventory levels as items are sold.

Ongoing Recordkeeping Entries Adjust for Sales,purchases,transfers to Other Departments,and Returns