Smith Co keeps a continuous record of their inventories and costs of goods. This is an example of a:
a. Perpetual Inventory System
b. Periodic Inventory System
c. Continuous Inventory System
d. Re-evaluation Inventory System
Question 2
Expenses and expenditures are least likely to differ in amount for which type of transactions?
a. Salaries.
b. Capital asset purchases.
c. Debt principal retirements and interest.
d. Depreciation on capital assets.
