While Separate Perpetual Inventory Records Are Normally Kept for Raw

question 63

True/False

While separate perpetual inventory records are normally kept for raw materials and finished goods, most companies do not use perpetual records for work-in-process.

---

Definitions:

Model Business Corporation Act (MBCA)

A set of model laws prepared by the American Bar Association to provide a standard for the incorporation and operation of corporations in the United States.

Joint Ventures

Business agreements between two or more entities to undertake a specific project or business activity together.

Retains

From a legal perspective, it refers to keeping possession or continuing to have an attribute, quality, or condition.

Business Activity

Any effort made by people or businesses related to the creation, distribution, or trading of products and services.