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An inventory system updating the account only at scheduled times is:
APermanent
BPeriodic
CPeriscopic
DPeripheral
Answer & Solution
Correct answer: B. Periodic
1. Updates might come monthly, quarterly or yearly.
2. A gap opens between transaction and recognition.
3. That system is periodic.
_Source: OpenStax Principles of Financial Accounting, Chapter 6, Merchandising Transactions._
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