Which statement is false?
a.Companies that use a perpetual inventory system must take a physical inventory to determine inventory on hand on the balance sheet date and to determine cost of goods sold for the accounting period.
b.Taking a physical inventory involves actually counting, weighing, or measuring each kind of inventory on hand.
c.No matter whether a periodic or perpetual inventory system is used, all companies need to determine inventory quantities at the end of each accounting period.
d.An inventory count is generally more accurate when goods are not being sold or received during the counting.

Question

26-10-2019
Business

contestada

Which statement is false?
a.Companies that use a perpetual inventory system must take a physical inventory to determine inventory on hand on the balance sheet date and to determine cost of goods sold for the accounting period.
b.Taking a physical inventory involves actually counting, weighing, or measuring each kind of inventory on hand.
c.No matter whether a periodic or perpetual inventory system is used, all companies need to determine inventory quantities at the end of each accounting period.
d.An inventory count is generally more accurate when goods are not being sold or received during the counting.

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ranijoshijj97 ranijoshijj97 · Answer 1 · 2019-10-26T11:21:05+02:00

Answer:

The statement which is false is the no matter that whether perpetual inventory system or periodic system is used by company, but all the companies require to evaluate inventory quantities at the end of the accounting period.

Explanation:

The statement is false because the companies does not require to determine or assess the inventory quantities at each accounting period.

Therefore, the correct option is C.