T/F in a perpetual inventory system, a purchase allowance is treated as a decrease in expenses by the company that purchased the goods.

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05-12-2022
Business

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T/F in a perpetual inventory system, a purchase allowance is treated as a decrease in expenses by the company that purchased the goods.

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RajeevKumarBag RajeevKumarBag · Answer 1 · 2022-12-12T01:47:29-05:00

A purchase allowance is viewed as a reduction in expenses by the company that purchased the goods in a perpetual inventory system.

What is a system of perpetual inventory?

System of perpetual inventory. a system for keeping track of inventory that keeps track of when it enters and leaves the company. Stock Cards are utilized for each inventory item.

In order to ensure that the book inventory accurately depicts the actual stock, perpetual inventory is a continuous accounting practice that records inventory changes in real time without the need for physical inventory.

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