In a periodic inventory system, cost of goods sold is not recorded as each sale occurs. Group startsTrue or False

1 answer:

6 0

In a periodic inventory system, the cost of goods sold is not recorded as each sale that occurs is a true statement.

<h3>Periodic Inventory System</h3>

A physical count of the inventory is conducted at predetermined intervals as part of the periodic inventory system, a technique of inventory valuation for financial reporting reasons.
In order to calculate the cost of goods sold, this accounting method starts with an inventory at the beginning of the period, adds fresh inventory purchases throughout the period, and subtracts ending inventory.
A corporation using the periodic inventory system won't be aware of its unit inventory levels or COGS until the physical count process is finished.
For a company with a small number of SKUs operating in a sluggish market, this method might be suitable, but for all other companies, the perpetual inventory system is preferred.

Hence, the given statement is true.

To learn more about Periodic Inventory System refer to:

brainly.com/question/17326443

#SPJ4

You might be interested in

What is the recovery period and depreciation method of a residential rental property located in a foreign country which was plac

snow_lady [41]

Answer: For residential rental property, the recovery period using GDS is 27.5 years. 2 If you use ADS, the recovery period for the same type of property is 30 years if it was placed in service after December 31, 2017, or 40 years if it was placed in service before that date.

Explanation: Is the good enough???

7 0

2 years ago

Cracking the Sales Management Code: The Secrets to Measuring and Managing Sales Performance is a Book by _______ and _______.

blagie [28]

Cracking the Sales Management Code: The Secrets to Measuring and Managing Sales Performance is a Book by Jason Jordan and Michelle Vazzana.

Explanation:

The cracking of the Sales Management Code addresses the realistic aspects of sales management in the new era and fills a gap. "Cracking the Sales Management Code fills this hole by providing basic information about the functioning of the sales force.

Improve sales by nullifying metrics which are relevant most, "sales may be an art, but sales management is a science. Crashing the Sales Management Code exposes research and offers practical steps to recognize benchmarks needed to succeed."

7 0

3 years ago

Art is working on a research paper. On Monday, he checked out 19 books from the library. On Thursday, he returned 7 of the books

Oliga [24]

19-7 is 12 Adding 11 more would make it 23

3 0

3 years ago

Read 2 more answers

As the property manager, galena places advance rental funds in an interest-bearing account for her landlord. which of these must

Elden [556K]

She must deposit the advance rental money in an account with at least $15 of the landlord's own money.

In a lease arrangement, the term "rental advance" refers to the initial, lump-sum payment of rent paid by the tenant (lessee) to the lessor (lessor). The monthly rent that the lessee is required to pay is then subtracted from this lump sum figure.

By debiting the cash account and crediting the unearned rent, the business can record an entry in the ledger for rent that was received in advance. Advance rent is a liability account with a credit-side balance as its default setting. The balance sheet's assets and liabilities grow by the same amount as a result of this journal entry.

Learn more about advance rental money here

brainly.com/question/26882728

#SPJ4

8 0

1 year ago

Leslie contracts with Remodel, Inc., to redo her living room, but she changes her mind and breaches the contract before Remodel

Varvara68 [4.7K]

Remodel Inc can seek compensation. By entering a contract with Leslie, both parties are bound by certain rules. The contractor must have spent some money related to performing the job. Breaching the agreement impacts on Remodel, financially speaking. They can therefore seek compensation for any amount spent due to the award of the contract, like logistics costs incurred to fulfill the contract.

6 0

3 years ago

Read 2 more answers