Which of the following is generally not true about inventory?
A)Inventory consists of all goods owned and held for sale to customers.
B)Inventory is a non-financial asset.
C)Inventory must be managed on a unit-by-unit (i.e. ,specific identification)method.
D)Inventory is usually shown on the balance sheet at cost.

Question

Quizplus · Accepted Answer

Inventory management can be conducted using various methods beyond the specific identification method, such as FIFO (First-In, First-Out), LIFO (Last-In, First-Out), and weighted average cost methods. The specific identification method is not a requirement for all types of inventory.

Which of the Following Is Generally Not True About Inventory