Which One of the Following Statements Is Not True

Multiple Choice

Which one of the following statements is not true?

A) The Inventory account is updated after every sale or purchase of merchandise 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) The Cost of Goods Sold account is updated after each sale of merchandise under the periodic inventory system.
D) The Purchases account is used only under the periodic inventory system.