periodic and perpetual inventory quiz

Quiz 27: Periodic and Perpetual inventory Quiz

Test your knowledge of double entry bookkeeping with our online periodic and perpetual inventory systems quiz.

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1. An account used in the periodic inventory system that is not used in the perpetual inventory system is?
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2. An account used in the perpetual inventory system that is not used in the periodic inventory system?
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3. A perpetual inventory system continually updates accounting records for inventory transactions?
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4. When merchandise is purchased on account under the perpetual inventory system the debit side of the journal entry is to which account?
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5. What is the inventory system in which the inventory records do not show cost of sales?
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6. In a perpetual inventory system cost of goods sold is recorded how often?
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7. Which cost flow assumptions can the periodic inventory accounting system use? FIFO, LIFO, Average
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8.When an item is sold, using the perpetual accounting system, what is the entry to the inventory account?
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9. When an item is sold, using the periodic accounting system, what is the entry to the inventory account?
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10. In the periodic inventory accounting system, what is missing from the following formula for calculating cost of goods sold? Cost of goods sold = Opening inventory + ? – Closing inventory
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Try Another Double Entry Bookkeeping Quiz

The periodic and perpetual inventory quiz is one of many of our online quizzes which can be used to test your knowledge of double entry bookkeeping, discover another at the links below.

Last modified September 30th, 2019 by Michael Brown

About the Author

Chartered accountant Michael Brown is the founder and CEO of Double Entry Bookkeeping. He has worked as an accountant and consultant for more than 25 years and has built financial models for all types of industries. He has been the CFO or controller of both small and medium sized companies and has run small businesses of his own. He has been a manager and an auditor with Deloitte, a big 4 accountancy firm, and holds a degree from Loughborough University.

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Posted By: Michael Brown
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