When Reversing a Previous Period Inventory Write Down,this Would Result

question 44

True/False

When reversing a previous period inventory write down,this would result in a debit entry to the inventory account.

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Definitions:

Instant

Occurring or done immediately and without delay.

Life Cycle Cost

The total cost of ownership of a product or system over its entire life, including initial purchase, operation, maintenance, and disposal costs.

Operating Cost

The total amount of money required to run a business, project, or device, excluding capital expenditures.

External Cost

Costs of a transaction that affect people other than the buyer or seller, which are not reflected in market prices.