Inventories are assets consisting of goods owned by the business and held for future sale or for use in the manufacture of goods for sale.

Name: Inventories are assets consisting of goods owned by the business and held for future sale or for use in the manufacture of goods for sale.
Brand: Quizplus
Rating: 4.9 (34 reviews)

Question

Quizplus · Accepted Answer

This statement is true. Inventories are classified as assets on a company's balance sheet and represent goods that a business owns and intends to sell or use in the production of goods for sale.

Inventories Are Assets Consisting of Goods Owned by the Business