When using perpetual inventory system, why are discounts credited to merchandise inventory?
a. The discounts are debited to discount expense and thus the credit has to be made to merchandise inventory.
b. The discounts reduce the cost of the merchandise inventory.
c. The discounts are a reduction of operating expenses.
d. None of the answers is correct
A primary difference between a periodic and perpetual inventory system is that a periodic system:
a. determines the inventory cost only at the end of the accounting period.
b. provides better control over inventories.
c. records the cost of goods sold after each sale transaction.
d. keeps a record showing the merchandise inventory on hand at all times.
What is an advantage of using the multiple-step income statement?
a. It highlights the components of net income.
b. Gross profit is not a separate item.
c. It is easier to prepare
d. Net income will be higher than net income computed using the single-step income statement than the single-step income statement.
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