Natural Resources That Have Been Harvested but Not Yet Sold

question 97

Multiple Choice

Natural resources that have been harvested but not yet sold are accounted for as:

• A) Property, plant and equipment.
• B) Cost of goods sold.
• C) Operating expense.
• D) Inventory.

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Definitions:

Government Bond

A type of investment where you lend money to a government in exchange for an agreed rate of interest over a certain period of time.

Apple Stock

Shares of ownership in Apple Inc., a multinational technology company known for its electronics and software.

Proprietorship

A form of business organization owned by a single individual who is responsible for its debts and entitled to its profits.

Personal Tax Rate

The percentage at which an individual's income is taxed by the government.