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

Question

Quizplus · Accepted Answer

All of the statements are true regarding inventory. Inventory refers to goods and items a firm owns and holds for sale or further processing, it is called stock in some countries, selling inventory becomes an expense, and inventories are a major asset for merchandising and manufacturing firms.

Which of the Following Is/are True Regarding Inventory