Which of the Following Statements About Inventory Is Not Correct

question 18

Multiple Choice

Which of the following statements about inventory is not correct -

• A) you can change the default price when you purchase inventory
• B) you can change the default price when you sell inventory
• C) you can change the default asset account when you purchase inventory
• D) you can change the default revenue account when you sell inventory

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Definitions:

Resulting Trust

A trust that arises by implication of law when one person holds property for the benefit of another under certain circumstances, typically when the title holder is not intended to have beneficial ownership.

Contract

A legally binding agreement between two or more parties, outlining obligations and rights concerning particular terms or services.

Beneficiary

An individual or entity entitled to benefits or proceeds from a will, insurance policy, retirement account, or other contractual arrangement.

Terminate

To bring something to an end or conclusion, effectively stopping its continuation or existence.