Which of the Following Is/are Not True Regarding Inventory

question 69

Multiple Choice

Which of the following is/are not true regarding inventory?

• A)Inventory refers to goods and other items that a firm owns and holds for sale or for further processing as part of its operations.
• B)Inventory is called "stock" in some countries.
• C)When the firm sells inventory, the carrying amount of that inventory becomes an expense.
• D)Inventories are a major asset for merchandising and manufacturing firms.
• E)The following equation measures all quantities in physical units: Beginning Inventory - Additions + Withdrawals = Ending Inventory

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Definitions:

Employer's Property

Assets or possessions that are owned by the employer, including physical, intellectual, and digital properties.

Statutory Right

A legal right granted by legislation that protects individuals within the workplace.

Safe Workplace

A work environment where the health, safety, and wellbeing of employees are actively protected and promoted.

Verbal Warning

An oral reprimand from an employer to an employee about the employee’s performance or behavior at work, often as a preliminary step before written warnings.