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Author:
Harold Averkamp, CPA, MBA

periodic system of inventory definition

The system where the general ledger account Inventory is not updated during the year. Rather, the merchandise purchased is recorded in temporary purchases accounts. At the time a balance sheet is presented, the inventory account is adjusted to reflect the cost of the inventory on hand. To learn more, see Explanation of Inventory and Cost of Goods Sold.

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About the Author

Harold Averkamp

For the past 52 years, Harold Averkamp (CPA, MBA) has
worked as an accounting supervisor, manager, consultant, university instructor, and innovator in teaching accounting online. He is the sole author of all the materials on AccountingCoach.com.

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