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Financial Accounting MCQs

What is a Perpetual Inventory System?

It is assumed that items purchased are valued at the greater of cost or market value

The system updates inventory accounts after each purchase or sale.

The system updates inventory accounts at the beginning and end of each reporting period

It is assumed that items purchased are valued at the lesser of cost or market value

Answer

Correct Answer: The system updates inventory accounts after each purchase or sale.

Explanation:

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