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You are watching: Why are storage costs reduced under a perpetual inventory system?

9. In perpetual perform system, every acquisition or revenue of inventory is recorded…View the full answer
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Transcribed image text: inquiry 9 Under the perpetual perform system, once inventory is purchase the inventory (asset) account is decreased. Accountancy records are maintained that continuously present the present inventory quantity and also value. The cost of items sold is no much longer needed to arrive at pistol profit. Once inventory is sold, the list account is increased. Question 10 This inventory report display screens the on-hand status and also reorder point, if entered. Pending build Inventory Stock condition by item physics Inventory Worksheet list Valuation an introduction QUESTION 11 i beg your pardon of the following does the items List no contain? form of item, number, description, cost, and sales tax status general ledger posting accounts for inventory asset expense of items sold, and also sales wanted customers all products or services sold by the firm QUESTION 12 The Non-inventory Part kind is provided for commodities sold that are not kept in inventory. No updated or tracked in QuickBooks. The very same as Service form for service revenue items. Supplied for the sales of solutions on account or for cash. Question 13 once recording a revenue of taxable inventory items on account in the create Invoices window, the default accounts encompass Accounts Receivable and also Sales. Inventory and also Cost of products Sold. Sales taxation Payable. Every one of the selections are correct. Concern 14 reflects the expense of perform on hand. The shows the expense of goods sold, while the o revenue statement: balance paper statement that cash flows; balance sheet income statement: explain of cash operation balance sheet; income statement concern 15 terms of indicate a 2% palliation of the invoice amount if payment is made in ~ 10 days of the invoice date. If beforehand payment is no made, the total amount is due in ~ 30 days. 02/10, EOM 2 network 10, 30 days 02/10, network 30 net 2/10, 30 Days question 16 The QuickBooks desktop computer Setup window is an initial used O to gain back a agency file. To create the subsidiary ledgers. To back up a agency file. To choose the an approach of new Company Setup.