Table of contents

1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

1. Introduction to Accounting

Types of Accounting

Financial Accounting

1. Introduction to Accounting

Types of Accounting

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Multiple Choice

What is another name for the "periodic system" of inventory accounting?

Weighted average system

Physical inventory system

Perpetual inventory system

Just-in-time inventory system

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Verified step by step guidance

Understand the concept of the 'periodic system' of inventory accounting. This system involves updating inventory records at specific intervals, typically at the end of an accounting period, rather than continuously.

Compare the periodic system to the 'perpetual inventory system,' which updates inventory records in real-time as transactions occur.

Recognize that the 'physical inventory system' is another name for the periodic system because it relies on physically counting inventory to determine quantities and costs.

Eliminate other options such as 'weighted average system,' which refers to a cost flow assumption method, and 'just-in-time inventory system,' which is a strategy for minimizing inventory levels.

Conclude that the correct answer is 'Physical inventory system,' as it aligns with the periodic system's reliance on physical counts to update inventory records.