If a company uses a perpetual inventory system,it will maintain all the following accounts except:
A)cost of goods sold.
B)inventory.
C)sales.
D)purchases.
E)All of the above accounts are used with a perpetual inventory system.

Question

Quizplus · Accepted Answer

In a perpetual inventory system, the purchases account is not maintained because inventory and cost of goods sold are updated continuously with each sale or purchase. Instead, transactions directly affect the inventory account.

If a Company Uses a Perpetual Inventory System,it Will Maintain