Question

Q. Periodic versus Perpetual Inventory Systems (5 marks) Explain the essential differences between perpetual and periodic...

Q. Periodic versus Perpetual Inventory Systems
Explain the essential differences between perpetual and periodic inventory systems. Give your own examples of products/situations suited to each.

Homework Answers

Answer #1

Diffrence between Perpetual Inventory system and periodic inventory system

1. In perpetual inventory system inventory records update regularly and but under periodic inventory system record update periodically means update at the end of particulars period.

2. under perpetual inventory system inventory value remain unsold calculate on the base of available inventory records but periodically inventory system generally inventory value calculate based on physically counting.

3. Perpetual inventory system is costly as regular inventory update but periodic inventory system is not costly as inventory update maintian periodically.

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Write down the differences between perpetual and periodic method with examples in your own words. (Do...
Write down the differences between perpetual and periodic method with examples in your own words. (Do not copy from the internet)   
The difference between a perpetual inventory system and a periodic inventory system is: a. periodic will...
The difference between a perpetual inventory system and a periodic inventory system is: a. periodic will record inventory purchases in the inventory account. b. perpetual requires a physical inventory count. c. periodic will record the cost of goods sold amount at the sale. d. periodic will adjust inventory at the end of each period with a physical count.
Discuss the differences between flow versus stock statistics.  Explain the situations when one is more appropriate than...
Discuss the differences between flow versus stock statistics.  Explain the situations when one is more appropriate than the other.  What type of data are required for each of these two statistical methods in looking at discrimination?
use your own words and phrases explain the differences between audit and assurance with examples.
use your own words and phrases explain the differences between audit and assurance with examples.
What is the price-earnings ratio? Explain the differences between it and the dividend yield. Give examples...
What is the price-earnings ratio? Explain the differences between it and the dividend yield. Give examples of each.
Reporting Purchase Transactions between Wholesale and Retail Merchandisers Using Perpetual Inventory Systems the transactions listed below...
Reporting Purchase Transactions between Wholesale and Retail Merchandisers Using Perpetual Inventory Systems the transactions listed below are typical of those involving New Books Inc. and Readers’ Corner. New Books is a wholesale merchandiser and Readers’ Corner is a retail merchandiser. Assume all sales of merchandise from New Books to Readers’ Corner are made with terms n/30, and the two companies use perpetual inventory systems. Assume the following transactions between the two companies occurred in the order listed during the year...
Question #4 (10 Marks) a) In your own words, describe the differences between Refundable tax credits...
Question #4 a) In your own words, describe the differences between Refundable tax credits and non-refundable tax credits. b) Provide three examples of each of these tax credits. c) What happens to the non-refundable tax credit if the taxpayer has no taxes payable that year.
PA6-1 Reporting Purchase Transactions between Wholesale and Retail Merchandisers Using Perpetual Inventory Systems [LO 6-3] [The...
PA6-1 Reporting Purchase Transactions between Wholesale and Retail Merchandisers Using Perpetual Inventory Systems [LO 6-3] [The following information applies to the questions displayed below.] The transactions listed below are typical of those involving New Books Inc. and Readers’ Corner. New Books is a wholesale merchandiser and Readers’ Corner is a retail merchandiser. Assume all sales of merchandise from New Books to Readers’ Corner are made with terms n/30, and the two companies use perpetual inventory systems. Assume the following transactions...
In your own words, define nonverbal communication and explain three differences between verbal and nonverbal communication...
In your own words, define nonverbal communication and explain three differences between verbal and nonverbal communication as well as at least one way in which they are similar. Define each of the following terms in your own words. Then, for each term provide your own example of a situation where that type of nonverbal behavior affected your communication with another person. haptics personal appearance proxemics chronemics paralanguage silence In your own words, describe five of the ten functions of nonverbal...
This passge require analysis and breakdown Nawaz (2013) discusses the differences between absorption costing and marginal...
This passge require analysis and breakdown Nawaz (2013) discusses the differences between absorption costing and marginal costing and attempts to assist others in understanding when each method would play a beneficial role in management accounting. A brief history of how marginal costing evolved is given along with showing how keeping secret knowledge slows the process of developing systems, as was the case with marginal costing. Nawaz (2013) then defines key terms used for cost accounting: fixed versus variable costs and...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT