The Cost of Inventory That Is Still on Hand and Has

question 42

Multiple Choice

The cost of inventory that is still on hand and has NOT been sold to customers is called:

• A)cost of goods sold, and it appears on the balance sheet.
• B)inventory, a current asset that appears on the income statement.
• C)inventory, a current asset that appears on the balance sheet.
• D)cost of goods sold, and it appears on the income statement.

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Definitions:

Intercalated Disks

Specialized cell-cell junctions in cardiac muscle that facilitate the synchronized contraction of the heart by allowing the rapid passage of ions and electrical impulses.

Merocrine

A type of exocrine gland secretion where cells secrete their substances by exocytosis without losing cellular material.

Apocrine

A type of gland that releases its secretions by pinching off a portion of the cell, found mainly in the underarm and groin area, contributing to body odor when the secretion is broken down by bacteria.

Exocytosis

A cellular process in which substances are moved out of the cell through the fusion of vesicles with the plasma membrane.