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Name: True or FalseMerchandise inventory is reported in the long-term assets
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Description: True or FalseMerchandise inventory is reported in the long-term assets section of the statement of financial position.

Business

Accounting

True or False Merchandise inventory is reported in the long-term assets section of the statement of financial position.

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter6: Receivables And Inventories

Section: Chapter Questions

Problem 18CDQ

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Concept explainers

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

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True or False

Merchandise inventory is reported in the long-term assets section of the statement of financial position.

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