Perpetual and Periodic Inventory Systems

Instructions:

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

question 1 of 3

Which inventory system records inventory on a continual basis?

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1. Which inventory system records inventory at specific points in time?

2. The periodic inventory system uses which accounting system to record acquisition of inventory related items?

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About This Quiz & Worksheet

Examining the two ways to account for inventory, this quiz and corresponding worksheet will help you gauge your knowledge of perpetual and periodic inventory systems. Topics you'll need to know to pass the quiz include understanding the system that records inventory on a continual basis as well as knowing the system that records inventory at specific points in time.

Quiz & Worksheet Goals

Use this printable worksheet and quiz to review:

  • System recording inventory continually
  • Inventory recording at specific times
  • Characteristics of the periodic inventory system
  • Which system requires closing entries
  • Features of the perpetual inventory system

Skills Practiced

This worksheet and quiz will let you practice the following skills:

  • Interpreting information - verify you can read information regarding which system requires closing entries and interpret it correctly
  • Knowledge application - use your knowledge to answer questions about the system recording inventory continually
  • Distinguishing differences - compare and contrast topics from the lesson, such as the periodic and perpetual inventory systems

Additional Learning

To learn more about how to best manage what you have, review the corresponding lesson called Perpetual and Periodic Inventory Systems. This lesson will help you:

  • Understand what an inventory system is
  • Identify the two ways to manage inventory
  • Describe how a periodic system accounts for inventory
  • Explain how a perpetual system differs from a periodic system
  • Appreciate how closing entries factor in to the systems
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