Differentiate between an inventory accounting method and an inventory system, and explain the need for separate food and beverage inventory accounts.
Inventories are products held for resale.
Accounts, gross profit are separate for food and for beverage 2. Describe the perpetual inventory accounting method, cite the advantages and disadvantages of using a perpetual inventory system, and explain the accounting entries used. Storeroom purchases Direct purchases 3. Describe the periodic inventory accounting method, cite the advantages and disadvantages of using a periodic inventory system, and explain the accounting entries used. Purchases Employee and management meal expenses 4.