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Problem 1: Under a perpetual inventory system, acquisition of merchandise for resale is debited to the
A) Purchases account.B) Cost of Goods Sold account.C) Merchandise Inventory account.D) Supplies account.
Problem 2: Which of the following is a true statement about inventory systems?
A) Perpetual inventory systems require more detailed inventory records.B) A perpetual system determines cost of goods sold only at the end of the accounting period.C) A periodic system requires cost of goods sold be determined after each sale.D) Periodic inventory systems require more detailed inventory records.
Problem 3: 57. goods sold each time a sale occurs, it
A) must have a computer accounting system.B) uses a periodic inventory system.C) uses a combination of the perpetual and periodic inventory systems.D) uses a perpetual inventory system.
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