Whats the difference between a periodic and perpetual balance sheet and income statement?
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I'm writing a small test tomorrow and my professor said there will be a small test on making on a few things including either making a classified balance sheet (perpetual or periodic)) and a classified income statement (perpetual or periodic) I know how to do Balance Sheets and Income Statements but I was just curious as to how I can tell the difference as to what a basic one looks like.
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Answer:
Perpetual or periodic are ways of taking inventory, not types of balance sheets or income statements..
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