INTERVIEW QUESTIONS COST ACCOUNTING MATERIAL COST CONTROL DETAILS

Question: State the difference between perpetual and periodic inventory system?

Answer: In perpetual inventory system, merchandise inventory and cost of goods sold are updated continuously on each sale and purchase transaction.
In periodic inventory system, merchandise inventory and cost of goods sold are not updated continuously.

In perpetual inventory system, merchandise inventory and cost of goods sold are updated continuously on each sale and purchase transaction.
In periodic inventory system, merchandise inventory and cost of goods sold are not updated continuously.
Source: CoolInterview.com

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