Pastello, a Bakery in New Jersey, Needs to Sell All

question 100

Multiple Choice

Pastello, a bakery in New Jersey, needs to sell all the goods in its inventory before they perish. The bakery owners, Mark and Julia, plan to use the cash received from selling the goods to open a new outlet of Pastello in a different locality. In this scenario, the goods stored in Pastello's inventory represent its _____.

• A) long-term liabilities
• B) current liabilities
• C) current assets
• D) defensive assets

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Definitions:

IFRS

International Financial Reporting Standards are globally accepted standards for accounting, aiming at bringing transparency, accountability, and efficiency to financial markets around the world.

Bargain Purchase

An acquisition where the purchase price is significantly lower than the fair market value of the acquired assets.

Net Book Value

The value of an asset after accounting for depreciation or amortization, as displayed on a company’s balance sheet.

Fair Market Value

The price that an asset would sell for on the open market between a willing buyer and seller.