Under a periodic inventory system,the purchases account accumulates the cost of the inventory acquired during the period.

Name: Under a periodic inventory system,the purchases account accumulates the cost of the inventory acquired during the period.
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In a periodic inventory system, the cost of inventory purchased is accumulated in the Purchases account, whereas under a perpetual inventory system, the cost of inventory acquired is continuously updated in the Inventory account.

Under a Periodic Inventory System,the Purchases Account Accumulates the Cost