Accounting Dictionary - Letter P

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
Perpetual inventory system
means that the inventory account is adjusted perpetually with every inventory addition or deletion. The inventory account is affected each time inventory is sold or purchased. Physical counts of inventory quantities on hand are performed at least annually to ensure that book inventory quantities are reflective of actual inventory quantities.
Go Back
Don't see the term you are looking for? Try searching our entire website:
Not a member?
See why people join our
online accounting course: