Which Of The Following Is True Under The Perpetual Inventory System?
The correct option of this multiple choice question (mcq) is B, as under the Perpetual Inventory System (PIS), one entry is recorded for sales made for cash / bank or on account / credit and second entry is related cost of goods sold each time a sales occurs. (i) Goods Sold For Cash Or On Account The first entry to record is recorded for sales made either for cash / bank or on account as shown below: (a) For Cash / Bank (By Check) Cash a/c / Bank a/c XXX Sales a/c XXX ...