Which of the following items does not result in an entry to the inventory account under a perpetual system?
Which of the following will not be used in a perpetual inventory system
Answer and Explanation: The correct option is b. purchases. Purchases are measured at the end of each period under the periodic inventory system, not the perpetual inventory system.
Which of the following entries is required under a perpetual inventory system but not under a periodic inventory system
Answer: c. An entry to record the cost of goods sold on the date merchandise is sold. Using the perpetual inventory method, all transactions affecting purchases and the contra purchases accounts are recorded as either a deduction or addition to the inventory account.
Which of the following items will not result in an adjustment to the inventory account
The correct andwer is c) Payment of freight costs for goods shipped to a customer. Payment of freight costs for goods shipped to a customer does not require any requirement to adjust the value to the investor account and does not affect the inventory account at all.
Cached
What is under the perpetual inventory system
What Is a Perpetual Inventory System A perpetual inventory system is a program that continuously estimates your inventory based on your electronic records, not a physical inventory. This system starts with the baseline from a physical count and updates based on purchases made in and shipments made out.
Which of the following is true of the perpetual inventory system
Answer: b. Perpetual inventory systems require more detailed inventory records.
Which of the following accounts does not exist in a perpetual inventory system quizlet
Accounts Receivable and Cost of Goods Sold. Which of the following accounts does not exist in a perpetual inventory system Purchases.
Which of the following accounts is used to record purchases under the perpetual inventory system
The periodic inventory system uses a sales and purchases account, while the perpetual inventory system uses a merchandise inventory account.
Which items are not included in inventory
Non-Inventory Items Explained
A few common examples of non-inventory items include the items in a bill of materials (BOM), the items a construction company buys for a particular job, or office supplies a company buys for its own use.
Which of the following items is not considered inventory
Hence, storage expenses are not a part of inventory.
What is an example of perpetual inventory
The most common perpetual inventory system example is the usage of wireless barcode scanners in a grocery store. It records all scanned transactions on the system immediately as they occur.
What are the types of perpetual inventory
Perpetual Inventory System: Definition & Examples for BusinessFIFO.LIFO.Weighted Average Method.Economic Order Quantity (EOQ)Finished Goods.Cost of Goods Sold (COGS)Gross Profit.
Which of the following is an example of perpetual inventory
The most common perpetual inventory system example is the usage of wireless barcode scanners in a grocery store. It records all scanned transactions on the system immediately as they occur.
What is a perpetual inventory system quizlet
Perpetual inventory system. A inventory system that continuously records movements of inventory as it enters and leaves the firm. Stock Cards are used for each item of inventory.
Which of the following items must not be reported as inventory
The correct answer is Option (d). Machinery used in the production process will not be classified as inventory.
Which one is not included in type of inventory
Answer and Explanation: A. Manufacturing inventory is not a type of inventory held by a manufacturer. Manufacturers maintain raw materials, work-in-process, and finished goods inventories and account for how the inventories are modified by direct labor and materials in the process.
Which of the following statements about a perpetual inventory system is true
Answer: b. Perpetual inventory systems require more detailed inventory records.
Which of the following is not a part of the inventory process
Work-in-progress.
What are the 4 components of inventory
While there are many types of inventory, the four major ones are raw materials and components, work in progress, finished goods and maintenance, repair and operating supplies.
Which of the following is not an inventory account quizlet
Which of the following is not an inventory account Equipment is not an inventory account. Equipment consists of items used in the production of income that are not held for sale. Inventory can include raw materials, work in process, and finished goods.
Which item is not classified as inventory in the financial statements
Raw materials, work in progress, and finished goods are the three main categories of inventory that are accounted for in a company's financial statements. Advance payments to suppliers are a part of other current assets. Hence, option (d) is correct.