Periodic inventory system-cost of purchases is recognized

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Reference no: EM131998142

1. In a periodic inventory system, the cost of purchases is recognized as

an increase in an asset account.

an increase in the inventory account.

the only part of the calculation of cost of goods sold.

an integral part of the calculation of cost of goods sold.

2. Checks presented for payment and paid by the bank are known as

Canceled checks

Certified checks

NSF checks

Outstanding checks

Reference no: EM131998142

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