Multiple Choice
Which statement relating to inventory is not correct?
A) It is classified as a non-current asset in the balance sheet
B) It makes up a significant portion of a retailer's assets
C) It is a very active asset,continually being acquired,sold and replaced
D) Another name for inventory is stock-in-trade
Correct Answer:
Verified
Correct Answer:
Verified
Q9: With the periodic inventory system what does
Q10: Under the perpetual inventory system what is
Q11: The _ account is an expense account
Q12: Calculate purchases for 2011: -
Q13: The formula for calculating the gross profit
Q15: In Australia,where most accounting is computerised,the use
Q16: The primary purpose of cash)settlement discounts is
Q17: If beginning inventory was $10 000,purchases during
Q18: Z,sold goods to X on credit
Q19: I _ consists of goods acquired for