Asked by Aaron Morris on May 02, 2024
Verified
The inventory accounts generally maintained by a manufacturing firm are only finished goods and materials.
Inventory Accounts
Accounts used to track the quantity and value of products a company holds for the purpose of sale, broken down into categories like raw materials, work-in-progress, and finished goods.
Manufacturing Firm
A company that produces goods through the process of raw materials using labor and machinery.
- Familiarize yourself with the types of inventory accounts a manufacturing enterprise manages.
Verified Answer
ZK
Zybrea KnightMay 04, 2024
Final Answer :
False
Explanation :
In addition to finished goods and materials, a manufacturing firm typically maintains inventory accounts for work-in-progress, raw materials, and supplies.
Learning Objectives
- Familiarize yourself with the types of inventory accounts a manufacturing enterprise manages.
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