What is the difference between a periodic and perpetual inventory ...

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What is the difference between a periodic and perpetual inventory system for merchandise inventory?

Question 2

The minimum acceptable expenditure classifications for governmental fund financial reporting purposes are by fund and
 
  a. department.
  b. program or function.
  c. program or function, and department.
  d. program or function, and activity.

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Answer to Question 1

The periodic inventory system requires the company to adjust the ending inventory balance at year end after a physical count. The perpetual inventory system maintains continuous records of inventory in the Merchandise Inventory account, which provides a current cost balance.

Answer to Question 2

B