Examlex
All of the following statements are true EXCEPT:
Inventories
Assets held for sale in the ordinary course of business, in the process of production for such sale, or in the form of materials or supplies to be consumed in the production process or in the rendering of services.
Depreciation Expense
The allocated portion of the cost of a tangible or physical asset that is charged as an expense over its useful life.
Operating Activities
Activities directly related to the business's primary operations, such as selling products or services, which are reflected in the company's cash flow.
Net Income
Net income is the total profit a company generates after subtracting all its expenses, taxes, and losses from its total revenue.
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