For each of the following statements,state whether it applies to a periodic inventory system (periodic)or a perpetual inventory system (perpetual).

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Q1: Both wholesalers and retailers are merchandisers.
Q8: For a merchandiser,the term "inventory" refers to
Q17: On the balance sheet of a retailer,the
Q21: Even in a perpetual inventory system,the business
Q23: The perpetual inventory system keeps a running
Q28: An invoice can be either a sales
Q31: Which of the following statements is NOT
Q35: In a periodic inventory system,the Cost of
Q38: When a company uses a perpetual inventory
Q39: A modern perpetual inventory system _.
A) records
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