There is no universally accepted definition of a percentile. Using the 65th percentile as an example, the 65th percentile can be defined as the lowest score that is greater than 65% of the scores. This is the way we defined it above and we will call this Definition 1..
b. The perpetual inventory system updates inventory records at the end of a period. c. The periodic inventory system updates inventory at the end of a period. d. The perpetual inventory system continually updates inventory records. e. Both C and D are true statements.
Inventory Management Systems. According to generally accepted accounting principles, businesses can use either a periodic or a perpetual inventory management system. Regardless of the inventory system adopted, it is a good practice for businesses to conduct a manual inventory at least once a year.Before computerized inventory systems, most businesses used periodic or non-continuous inventory systems.nventory accounting uses either a periodic or perpetual method for reporting. According to the book âGetting the Count Right: Understanding Inventory Accuracy,â perpetual inventory systems work best in retail.