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What's the difference between perpetual & periodic inventory system. Define in simple words?

Accounting Auditing Cost Accounting Financial Reporting Finance
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Question added by Wasim khan wazir , Finance Specialist , Mott Macdonald
Date Posted: 2015/12/06
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OWAIS QAZI
by OWAIS QAZI , Accounts & Finance Manager , Skyhigh Industries (Pvt) Ltd.

Prepetual inventory system deal with cost of sold and available inventory after each and every inward and outward activity made whereas periodic inventory system deals with all the inward and outward activity of a specific period (Month, Quarter or Annual)

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