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Recording Sales Using the Perpetual System

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

Which of the following statements BEST describes recording sales?

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1. How do perpetual and periodic systems differ in how often they are updated?

2. Which of the following information is NOT required in order to record a sale using the perpetual inventory system?

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About This Quiz & Worksheet

This quiz will help reinforce your knowledge of how to record sales using the perpetual system. You will be tested on key terms, as well as what knowledge is required to record a sale and how different sales types must be recorded.

Quiz & Worksheet Goals

This quiz will check your understanding of:

  • The purpose of recording sales
  • Types of inventory systems
  • Debiting and crediting specific accounts
  • Cash sales and sales on account

Skills Practiced

  • Critical thinking - apply relevant concepts to examine information about recording sales in a different light
  • Distinguishing differences - compare and contrast topics from the lesson, such as cash sales and sales on account
  • Information recall - access the knowledge you've gained regarding what information is required to record a sale

Additional Learning

For reinforcement on this topic, refer to the lesson called Recording Sales Using the Perpetual System. After reading the lesson you will have a more advanced understanding of:

  • Types of accounts used in the perpetual system
  • How recording sales helps determine profit
  • The periodic system as an alternative to the perpetual system
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