In a perpetual inventory system, the Inventory and Cost of Goods Sold accounts are kept up-to-date throughout the accounting period

Storage reduces time utility for buyers and sellers

Indicate whether the statement is true or false a. True b. False

According to the textbook, which statement about electronic data interchange (EDI) is not true?

A) EDI involves computer-to-computer communications between trading partners. B) EDI saves costs due to automated transaction handling and the elimination of paper documents. C) EDI requires an Internet connection. D) Some EDI standards are industry-specific.