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Periodic Inventory System: Definition, Advantages & Examples

Instructions:

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

question 1 of 3

What is a periodic inventory system?

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1. How often are physical counts conducted?

2. A periodic inventory system:

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About This Quiz & Worksheet

You can prepare to be asked on this quiz/worksheet about topics having to do with the periodic inventory system, as well as physical counts and affiliated calculations.

Quiz & Worksheet Goals

In particular, you are going to be quizzed on:

  • The definition of a periodic inventory system
  • Prevalence of physical count conduction
  • Traits of the periodic inventory system
  • Businesses prone to using a periodic inventory system
  • The sum of an inventory's beginning balance and the cost of inventory purchases

Skills Practiced

  • Knowledge application - use your knowledge to answer questions about the uses and traits of a periodic inventory system
  • Interpreting information - verify that you can read information regarding the addition of a beginning balance inventory purchases cost and interpret it correctly
  • Information recall - access the knowledge you've gained regarding businesses likely to use the periodic inventory system

Additional Learning

Find out what other knowledge is out there in regard to this material by watching our associated lesson. This lesson, Periodic Inventory System: Definition, Advantages & Examples, is going to be on:

  • Advantages of the periodic inventory system
  • Disadvantages of the periodic inventory system
  • The periodic inventory system's mechanics
  • How to manage inventory between accounts
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