Which inventory accounting method involves no entries during the period until final counts?

The inventory accounting method characterized by no entries during the period until final counts are taken is known as Periodic Accounting. In this method, inventory levels and costs are not continuously updated throughout the accounting period. Instead, the company performs a physical count of inventory at the end of the period, determining the cost of goods sold and the ending inventory balance at that time.

This approach involves less record-keeping compared to methods like Perpetual Accounting, which updates inventory records continuously with each transaction. Periodic Accounting is often utilized by smaller businesses or those with less complex inventory systems, as it allows for simpler tracking and less frequent adjustments.

In contrast, the Specific Identification method tracks the actual cost of each specific item of inventory, directly linking costs to the items sold or remaining in stock, and Average Cost computes inventory value by spreading the cost of goods over all inventory available during the period. Neither of these methods fits the description of only updating inventory at the end of a period.