Which of the Following Items Should Be Included in Inventory

question 121

Multiple Choice

Which of the following items should be included in inventory at the balance sheet date?

• A)goods in transit which were purchased FOB destination
• B)goods received from another company for sale on consignment
• C)goods sold to a customer, which are being held for the customer to call for at his or her convenience
• D)goods in transit which were purchased FOB shipping point

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Definitions:

OR Operator

It is a logical operator used in programming languages to combine two or more conditions. It returns true if at least one condition is true.

Negation Operator

A unary operator used in many programming languages to invert the truth value of a boolean expression.

Pseudocode

A simplified, notational form of a computer programming code not executable by the computer but understandable to programmers.

Boolean Condition

An expression that evaluates to either true or false, used to control the flow of a program.