Multiple Choice
Why is inventory reported as a current asset?
A) Inventory is reported as a current asset because it will be converted into cash within a year of the balance sheet date.
B) Inventory is not reported as a current asset.
C) Inventory is not a current asset; it is a noncurrent asset because inventory is often sold on account and not for cash.
D) Inventory is reported as a current asset because it has been sold.
Correct Answer:
Verified
Correct Answer:
Verified
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