What USterm Was Equivalent to "Inventories" as It Was Used in in Financial

question 10

Multiple Choice

What U.S.term was equivalent to "inventories" as it was used in financial statements of companies located in the United Kingdom,prior to adoption of IFRS in 2005?

• A)operating assets
• B)consumables
• C)stocks
• D)merchandise

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Definitions:

Nonmanufacturing Costs

Expenses that are not directly related to the production of goods, including selling, general, and administrative expenses.

Selling

The process or act of promoting and distributing products or services to customers.

Administrative

Pertaining to the activities related to the management and general operations of an organization, often including tasks like planning, organizing, and controlling.

Work in Process

Goods in various stages of completion throughout the plant, not including raw materials or finished products.