Multiple Choice
When using special journals for recording and posting transactions, it does not matter if it is a perpetual inventory or periodic inventory system.
A) They are exactly the same processes and accounts.
B) They are essentially the same with two exceptions 1) relating to account titles used and 2) the need under one for an additional column for COGS.
C) The two are completely different.
D) It is not possible to identify the type of inventory system being used from the special journal.
Correct Answer:
Verified
Correct Answer:
Verified
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