Examlex

Solved

Which of the Following Statements Is NOT True

question 21

Multiple Choice

Which of the following statements is NOT true?


Definitions:

Physical Count

The process of manually counting and verifying the amounts of inventory a company physically has in its possession.

Ownership

The legal right to possess, use, and control a tangible or intangible item.

Consignment

The process of placing goods in the possession of another party to sell, while retaining ownership until the goods are sold.

Consignee's Ending Inventory

The value of goods that are still on consignment at the end of an accounting period, not yet sold by the consignee.

Related Questions