Abnormal Freight Costs Are Not Included on the Statement of Financial

question 37

True/False

Abnormal freight costs are not included on the statement of financial position as part of the cost of inventory.

---

Definitions:

LED Screens

Displays that utilize Light Emitting Diodes to produce images, widely used in televisions, computer monitors, and digital signage.

Servicing

The process of managing and collecting payments on a loan, mortgage, or other financial debt.

Sherman Act

A landmark federal statute in the United States antitrust law passed in 1890, aimed at prohibiting monopolistic and anti-competitive practices.

Generic Version

A product, typically a drug, that is marketed without a brand name and usually once the patent protection of the branded version has expired.