Perpetual inventory method

Definition:

A system of accounting for inventory in which detailed records of the number of units and the cost of each purchase and sales transactions are prepared throughout the accounting period.

Related terms:

Audit

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How long it will take to pay off your credit card and how much interest you will pay by minimum payment

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Plan your savings for next holiday season, use receipts to figure out how much you spent last year

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Term: Accounting -> Perpetual inventory method