Which of the Following Statements Regarding Presentation and Disclosure of Inventories

question 10

Multiple Choice

Which of the following statements regarding presentation and disclosure of inventories is INCORRECT?

• A) Major spare parts and standby equipment may be recognized as inventory if they are not expected to provide benefits beyond the current accounting period.
• B) Inventories are one of the most significant assets of manufacturing and merchandising companies.
• C) The classification of inventory seldom requires the exercise of professional judgement.
• D) Minor spare parts and servicing equipment are usually classified as inventory.

Grasp the concepts of feedback and reinforcement in the context of goal achievement and motivation.

Understand and apply the concept of positive reinforcement to improve workplace behaviour and motivation.

Recognize the importance of self-efficacy in enhancing employee performance and motivation.

Distinguish between different learning and motivation theories such as the law of effect, reinforcement theory, and self-efficacy theory.

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Definitions:

Deposit

A sum of money placed or kept in a bank account, usually to gain interest.

Savings Account

A deposit account held at a bank or institution that pays interest but typically has limitations on how often withdrawals can be made.

Interest

The expense involved in obtaining a loan, conventionally denoted as an annual percentage rate.

Retirement Account

A financial arrangement designed to replace employment income upon retirement, often offering tax benefits to encourage saving for the retirement years.