State with reasons, whether the following statements are true or false: (f) Periodic inventory system is a method of ascertaining inventory by…
CA Foundation · Accounting · RTP · September 2025
State with reasons, whether the following statements are true or false: (f) Periodic inventory system is a method of ascertaining inventory by taking an actual physical count.
Suggested Answer and Working Notes:
True: Under Periodic inventory system actual physical count of inventory is taken of all the inventory on hand at a particular date.
Topics: Inventories
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