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Summary Comparisons between perpetual and periodic inventory systems (including ledger accounts) R104,00   Add to cart
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  3. 11th Grade
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  5. Accounting

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Summary Comparisons between perpetual and periodic inventory systems (including ledger accounts)
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Theory - Differences and similarities between the periodic and perpetual inventory system. Also includes: How to record the ledger accounts (T-accounts) under each inventory system.

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  • March 5, 2022
  • 4
  • 2021/2022
  • Summary

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Notes:

Periodic Inventory System Perpetual Inventory System
* Once a year (period) * Ongoing / Continuous
* Cost of sales calculated at year end / beginning of the year BUT * Cost of sales recorded after each transaction
NOT DURING THE YEAR
USE PURCHASES ACCOUNT NO PURCHASES ACCOUNT
Use Trading Account - USE OPENING STOCK & CLOSING STOCK Use Trading Account - NO OPENING STOCK/CLOSING STOCK
For each expense, create a T-account first then take to Trading Account For each expense, record under the Trading Account

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