Which of the Following Is/are True Regarding Inventory

question 95

Multiple Choice

Which of the following is/are 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)all of the above

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Definitions:

Circuit

In electronics, a circular path through which an electric current flows or moves; in legal terms, a geographical area of jurisdiction for federal courts.

General Jurisdiction

The court's authority to hear all kinds of legal disputes, typically regarding cases that are not limited by the subject matter or geographic area.

Trial Court

A court of law where cases are tried in the first instance, as opposed to an appeals court.

State's Trial

A legal proceeding held in a state court, which can involve criminal, civil, or administrative matters within that state's jurisdiction.