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Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby
Edition 4ISBN: 978-0078025372Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby
Edition 4ISBN: 978-0078025372 Exercise 94
Which of the following is false regarding a perpetual inventory system
A) Physical counts are never needed because records are maintained on a transaction-by-transaction basis.
B) The Inventory records are updated with each inventory purchase, sale, or return transaction.
C) Cost of Goods Sold is increased as sales are recorded.
D) A perpetual inventory system can be used to detect shrinkage.
A) Physical counts are never needed because records are maintained on a transaction-by-transaction basis.
B) The Inventory records are updated with each inventory purchase, sale, or return transaction.
C) Cost of Goods Sold is increased as sales are recorded.
D) A perpetual inventory system can be used to detect shrinkage.
Explanation
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• Statement a , physical counts are neve...
Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby
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