Asked by Roshan Paudel on Apr 29, 2024
Verified
Disclosures about inventory should include each of the following except the
A) basis of accounting.
B) costing method.
C) quantity of inventory.
D) major inventory classifications.
Costing Method
a technique or methodology used to determine the cost associated with a production process or project.
- Identify the significance of inventory disclosures, including the basis of accounting and costing method.
Verified Answer
MF
Makaila Foster 'student'May 04, 2024
Final Answer :
C
Explanation :
Disclosures about inventory should include the basis of accounting, costing method, and major inventory classifications. However, the quantity of inventory is not typically disclosed in financial statements.
Learning Objectives
- Identify the significance of inventory disclosures, including the basis of accounting and costing method.
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