Multiple Choice
Which one of the following statements is false?
A) The inventory account is updated after every sale and after every merchandise purchase under the perpetual inventory system.
B) The inventory account is updated only at the end of the accounting period under the periodic inventory system.
C) A cost of goods sold account is updated after each sale of merchandise under the periodic inventory system.
D) A purchases account is used only under the periodic inventory system.
Correct Answer:
Verified
Correct Answer:
Verified
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