All of These Statements About the Presentation of Inventory in Financial

question 40

Multiple Choice

All of these statements about the presentation of inventory in financial reports are correct except:

• A)The assumption used to assign costs to inventory should be disclosed
• B)The general basis of valuation should be shown,
• C)Inventory shown on the balance sheet should always be in a saleable condition
• D)Inventory should be classified into its current and non-current components.

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