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Under a perpetual inventory system:

A. the account Purchase Returns and Allowances is credited when goods are returned to vendors.

B. increases in inventory resulting from purchases are debited to purchases.

C. there is no need for a year-end physical count.

D. accounting records continuously disclose the amount of inventory.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M941020

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