1. TASK: Insert the appropriate word in the text below:
adjusted – appearing – closed - likely
occurs - on hand recorded – tell – updated
Periodic inventory system. Under this system the amount ___________ in the Inventory account is not ___________ when purchases of merchandise are made from suppliers. Rather, the Inventory account is commonly updated or ___________ only once—at the end of the year. During the year the Inventory account will ___________ show only the cost of inventory at the end of the previous year.
Under the periodic inventory system, purchases of merchandise are ___________ in one or more Purchases accounts. At the end of the year the Purchases account(s) are ___________ and the Inventory account is adjusted to equal the cost of the merchandise actually ___________ at the end of the year. Under the periodic system there is no Cost of Goods Sold account to be updated when a sale of merchandise ___________.
In short, under the periodic inventory system there is no way to ___________ from the general ledger accounts the amount of inventory or the cost of goods sold.
2. CHECK YOUR SPEAKING
|
adjusted |
[ əˈdʒʌst ] |
відкоригований |
|
appearing |
[ əˈpɪər ] |
є |
|
closed |
[ kləʊzd ] |
закритий |
|
likely |
[ ˈlaɪkli ] |
ймовірно |
|
occurs |
[ əˈkɜːr ] |
виникає |
|
on hand |
[ ɒn ] [ hænd ] |
на руках |
|
recorded |
[ rɪˈkɔːd ] |
записаний |
|
tell |
[ tel ] |
визначати |
|
updated |
[ ʌpˈdeɪt ] |
оновлений |
3. SEE CORRECT ANSWER
Periodic inventory system. Under this system the amount appearing in the Inventory account is not updated when purchases of merchandise are made from suppliers. Rather, the Inventory account is commonly updated or adjusted only once—at the end of the year. During the year the Inventory account will likely show only the cost of inventory at the end of the previous year.
Under the periodic inventory system, purchases of merchandise are recorded in one or more Purchases accounts. At the end of the year the Purchases account(s) are closed and the Inventory account is adjusted to equal the cost of the merchandise actually on hand at the end of the year. Under the periodic system there is no Cost of Goods Sold account to be updated when a sale of merchandise occurs.
In short, under the periodic inventory system there is no way to tell from the general ledger accounts the amount of inventory or the cost of goods sold.
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