What is the major difference between a periodic and perpetual inventory system? Group of answer choices Under the periodic inventory system, all adjustments such as purchases returns and allowances and discounts are reconciled at the end of the accounting period. Under the periodic inventory system, no journal entry is recorded at the time of the sale of inventory for the cost of the inventory. All of the answers are correct. Under the periodic inventory system, the purchase of inventory will be debited to the Purchases account.

All the answers are correct

Explanation:

The periodic inventory system: This is an accounting system which uses an occasional physical count to measure the level of inventory and the cost of goods sold. This is usually used by small business owners.

Under the periodic inventory system, all adjustments such as purchases returns and allowances and discounts are reconciled at the end of the accounting period. No journal entry is recorded at the time of the sale of inventory for the cost of the inventory. The purchase of inventory will be debited to the Purchases account.

The perpetual system: This is an accounting system which keeps track of inventory balances continuously with updates made automatically whenever a product is received or sold. It is used by large stores and businesses.

answer; standing committee;

hi,

henry is an economist and wants to understand the relationship between inflation and consumer spending habits. for his research, he needs the consumer price index for 2014 and the inflation rate. based on the prices of goods given, what will he find to be the cpi and inflation rate for 2014? assume that a consumer’s basket for three consecutive years consists of the following:

you dont privide answer choices.

answer - 15% of a inflatation rate is 15% less in cpi