The accounts in the inventory process are
A)inventory
B)purchasing
C)allowance to increase inventory to LIFO value
D)receiving
E)allowance to reduce inventory to market value
F)both A and C
G)both B and D
H)Both A and E

Question

Quizplus · Accepted Answer

The correct accounts involved in the inventory process are "inventory" and "allowance to reduce inventory to market value." Inventory accounts track the cost of goods available for sale, while the allowance to reduce inventory to market value is used to adjust the inventory value on the balance sheet to reflect its current market value, ensuring the financial statements present the inventory at the lower of cost or market value.

The Accounts in the Inventory Process Are