List the Three Kinds of Inventory Accounts That Are Used

question 49

Essay

List the three kinds of inventory accounts that are used by manufacturing companies.Briefly discuss what each account includes.

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Definitions:

Stewardship

The responsibility for overseeing and protecting something considered worth caring for and preserving, often in the context of managing financial resources or the environment.

Financial Statements

Official records that outline the financial activities of a business, organization, or individual, including the balance sheet, income statement, and cash flow statement.

Measuring Cost

The process of determining the monetary amount required to obtain or produce an asset, incur a liability, or carry out a service.

Land Improvement Costs

Expenses incurred to enhance the usability and value of land, including landscaping, paving, and installing utilities, which can be capitalized.