ACC 11 TERM 3 WEEK 8 – 9 Inventory systems
TOPIC – Inventory systems
Definition and explanation of the following stock systems:
• Perpetual stock system
• Periodic stock system
Knowledge of the advantages and disadvantages of the periodic
and perpetual stock systems
Recording of transactions using the periodic stock system in the
journals and ledgers, comparing it with the perpetual stock system:
• purchases account as opposed to Trading Stock account
• Opening Stock and Closing Stock accounts
• Trading account
• carriage on purchases
• custom and import duties.