The Stock of Raw Materials,inputs,and Component Parts That an Organization

question 85

Multiple Choice

The stock of raw materials,inputs,and component parts that an organization has on hand at a particular time is called:

• A)Storage
• B)Inventory
• C)Products
• D)Stored components
• E)Holdings

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Definitions:

Closed

Closed refers to the status of an account, position, or transaction that has been settled or concluded, with no further action or activity pending.

Utilities Expense

Costs incurred for essential services such as electricity, water, and gas used by a business during an accounting period.

Prepaid Insurance

Payments made in advance for insurance coverage, which is then expensed over the period the coverage is applicable.

Post-Closing Trial Balance

A list of all real accounts that remain after closing entries are made and have balances, used to verify the equality of debits and credits.