PERPETUAL INVENTORY Definition

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PERPETUAL INVENTORY is an inventory accounting system whereby book inventory is kept in continuous agreement with stock on hand. A daily record is maintained of the dollar amount and physical quantity. There are periodic physical inventories taken to reconcile at short intervals.

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ALLOCATION is the act of distributing by allotting or apportioning; distribution according to a plan, e.g., allocating costs is the assignment of costs to departments or products over various time periods, products, operations, or investments. See ALLOCATE.

BRETTON WOODS is the site in New Hampshire, U.S., of an international conference in 1944 which resulted in the establishment of the World Bank and the International Monetary Fund.

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