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Which of the following statements related to periodic and perpetual inventory systems is true? ...

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Question

Accounting

Which of the following statements related to periodic and
perpetual inventory systems is true?
Select one:
Under both a periodic and perpetual system, cost of
goods sold as reported on the statement of
comprehensive income should be equal.
Under a periodic system, the balance in the Inventory
account should represent the inventory on hand.
Under a perpetual system, a Purchases account is used
to keep track of inventory purchase transactions.
Under a perpetual system, a physical inventory count is
not required.
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