Chapter 12
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Bill of lading
A document issued by a common carrier acknowledging the receipt of goods and setting forth the provisions of the transportation agreement.
Perpetual inventory system
A method of accounting for inventories in which controlling accounts and subsidiary ledgers are maintained to record receipts and issuance of goods, both in quantities and in dollar amounts. The accuracy of perpetual inventory records is tested periodically by physical inventories.
Periodic inventory system
A method of accounting in which inventories are determined solely by means of a physical inventory at the end of the accounting period.