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What is the difference between Perpetual and Periodic Inventory systems?

Financial Accounting
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Question added by Mian Muhammad Naeem Jan , Chief Finance Officer , Sidra Events Management Company Ltd
Date Posted: 2015/11/14
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Nani Botsile Phirinyane
by Nani Botsile Phirinyane , REGIONAL ACCOUNTANT , BOTSWANA UNIFIED REVENUE SERVICE

Cost centre is a unit/section within an organisation which give support to the main core sections (support like a back office to the main departments) Cost elements are cost activities/drives which managers may use to analysis, estimates and report costs in an organisation

amna Amir
by amna Amir , Senior Associate Internal Audit/ Team Lead , Allied Bank Asset Management Company

Periodic system relies upon occasional physical count system of inventory to determine ending inventory balance and cost of goods sold while perpetual inventory system keeps continual track of inventory balance.

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