Inventory Would Appear on a Balance Sheet as

question 50

Multiple Choice

Inventory would appear on a balance sheet as

• A) a current asset.
• B) part of property and equipment.
• C) a current liability.
• D) a long-term liability.
• E) either a current asset or a current liability.

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Definitions:

Liability

Refers to the state of being legally responsible for something, particularly in reference to debts or legal obligations.

ULPA

A high-efficiency air filter standard known as Ultra Low Particulate Air, capable of removing at least 99.99% of dust, pollen, mold, bacteria, and other airborne particles.

Limited Partner

An investor in a partnership who is not involved in daily business operations and whose liability is limited to the amount of their investment.

Withdraw

To remove oneself or something from consideration, participation, or engagement in a particular activity, agreement, or situation.