Which of the Following Would NOT Be Included in Ending

question 134

Multiple Choice

Which of the following would NOT be included in ending inventory of the seller?

• A) Goods shipped to customers,
• B) Goods purchased from suppliers,
• C) Goods held on consignment
• D) Goods out on consignment

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Definitions:

Depreciation Method

An accounting technique used to allocate the cost of a tangible asset over its useful life, reflecting its consumption, wear and tear, or obsolescence.

Adjusting Journal Entries

Entries made in the accounting records at the end of an accounting period to allocate income and expenditures to the period in which they actually occurred.

Accumulated Depreciation

The aggregate depreciation cost that has been accounted for a particular asset since its first operational use.

Depreciation Expense

The allocation of the cost of a tangible asset over its useful life for accounting purposes, reflecting wear and tear.