One difference between periodic and perpetual inventory systems is: A) Cost of goods sold is not recorded under a perpetual system until the end of the period. B) Cost of goods sold is not recorded under a periodic system until the end of the period. C) Cost of goods sold is always significantly higher under a perpetual system. D) Cost of goods sold is always significantly higher under a periodic system.

B) Cost of goods sold is not recorded under a periodic system until the end of the period.

Explanation:

The periodic inventory system refers to an inventory system in which a physical count of inventory is carried out occasionally in order to determine the inventory level and cost of goods sold (COGS). Therefore, the inventory account and cost of goods sold account are not recorded under a periodic system until the end of this occasional period which may be once a month, once a quarter, or once a year.

On the other hand, the perpetual inventory system is an inventory system in which inventory balances and COGS are continuously updated automatically whenever a product is received or sold using digital technology. Therefore, under perpetual inventory system, purchases and cost of goods sold are continuously recorded automatically without having to wait till the end of any particular period.

Therefore, one difference between periodic and perpetual inventory systems is: B) Cost of goods sold is not recorded under a periodic system until the end of the period.

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know