Inventory is shown on the:
A)Balance Sheet as a long-term asset.
B)Income Statement before gross profit.
C)Balance Sheet as a current asset.
D)Income Statement after gross profit.

Name: Inventory is shown on the: A)Balance Sheet as a long-term asset. B)Income Statement before gross profit. C)Balance Sheet as a current asset. D)Income Statement after gross profit.
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Question

Quizplus · Accepted Answer

Inventory is considered a current asset on the balance sheet since it is expected to be converted into cash within one year or less.

Inventory Is Shown on The