Which of the Following Is True of Finished Goods Inventory

question 8

Multiple Choice

Which of the following is true of finished goods inventory?

• A)Finished Goods Inventory is an account used by a manufacturer and includes completed goods that have not yet been sold.
• B)Finished Goods Inventory is an account used by a merchandiser and includes completed goods that have not yet been sold.
• C)Finished Goods Inventory is an account used by service companies in lieu of raw materials inventory.
• D)Finished Goods Inventory is an account used by a manufacturer in lieu of raw materials inventory.

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Definitions:

Categorical Classification

A method of organizing items or concepts into distinct categories based on specific criteria or attributes.

Dimensional Classification

Dimensional Classification is an approach in psychology that categorizes mental disorders based on a continuum of severity rather than discrete categories, considering the degree of symptoms.

Medical Model

A framework in which psychological or behavioral problems are seen as symptoms of underlying physical issues or diseases, and treated through medical interventions.

Dysfunction

The impaired or abnormal functioning of an organ or system within the body, often leading to various health problems.