The inventory accounts generally maintained by a manufacturing firm are only finished goods and materials.

Inventory Accounts

Accounts that track the value of a company's inventory, including raw materials, work-in-progress, and finished goods.

Finished Goods

Products that have completed the manufacturing process and are ready to be sold to customers.

Materials

Refers to the raw inputs or supplies used in the manufacturing or production of goods.

Understand the function of continuous inventory systems along with the management of control accounts and supplementary ledgers within job order costing.

Verified Answer

Final Answer :

False

Explanation :

In addition to finished goods and materials, manufacturing firms also maintain inventory accounts for work-in-progress and supplies.

Learning Objectives

Understand the function of continuous inventory systems along with the management of control accounts and supplementary ledgers within job order costing.