What Are the Three Inventory Accounts on a Balance Sheet

question 94

Multiple Choice

What are the three inventory accounts on a balance sheet for a manufacturer?

• A)materials,finished goods,and cost of goods sold
• B)materials,overhead,and cost of goods sold
• C)materials,direct labour,and overhead
• D)materials,work in process,and finished goods

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Definitions:

Federal Budget Deficit

A situation where the federal government's expenditures exceed its revenues within a given fiscal year.

Paradox of Thrift

If everyone tries to save more, they will all end up saving less.

Consumption

The use of goods and services by households, which is a key component in calculating a country's Gross Domestic Product (GDP).

Fiscal Policy Measure

Government policies related to taxation and spending that are used to influence the economy, manage inflation, and stimulate economic growth.