Fundamental Accounting Principles 22th Edition by John Wild ,Ken Shaw,Barbara Chiappetta

Exercise 27

Identify whether each description best applies to a periodic or a perpetual inventory system.
_______ a. Updates the inventory account only at period-end.
_______ b. Requires an adjusting entry to record inventory shrinkage.
_______ c. Markedly increased in frequency and popularity in business within the past decade.
_______ d. Records cost of goods sold each time a sales transaction occurs.
_______ e. Provides more timely information to managers.