Difference between revisions of "Periodic inventory system"
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Revision as of 09:00, 20 December 2018
Periodic inventory system is an inventory system that counts inventory only at the end of the accounting period. It also calculates the cost of the unsold goods on hand by taking the cost of each unit times the number of units of each product on hand.
Definitions
According to College Accounting: A Practical Approach by Slater (13th edition),
- Periodic inventory system. An inventory system that counts inventory only at the end of the accounting period. It also calculates the cost of the unsold goods on hand by taking the cost of each unit times the number of units of each product on hand.
Related concepts
- Accounting (alternatively known as accountancy) is management of financial data, information, and knowledge about financial transactions of legal entities. Accountancy tends to include bookkeeping and, depending on a particilar enterprise, may also include quatitative analysis of financial data in the bookkeeping system and/or business intelligence.
