Inventories are recognized in the entity's statement of financial position as well as an expense charged against revenues.

Name: Inventories are recognized in the entity's statement of financial position as well as an expense charged against revenues.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Inventories are recognized as current assets in the entity's statement of financial position and are also recognized as an expense (cost of goods sold) when the goods are sold, which is charged against revenues.

Inventories Are Recognized in the Entity's Statement of Financial Position