On a Balance Sheet for a Merchandiser,Merchandise Inventory Is Listed

question 25

Multiple Choice

On a balance sheet for a merchandiser,Merchandise Inventory is listed as a(n) ________.

• A) current asset
• B) current liability
• C) expense
• D) revenue

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Definitions:

Principals

The main parties involved in a business transaction or agreement, usually responsible for entering into a contract.

Agent

An individual or entity authorized to act on behalf of another (the principal) in transactions or other matters.

Duty Of Obedience

The requirement for directors and officers of an organization to act in accordance with its goals and directives.

Clearly Stated

Expressed in a manner that leaves no doubt about the meaning or intentions.