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Which inventories are assets

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Reference no: EM132765975

Problem 1: Inventories are assets (choose the incorrect one)

a) Held for sale in the ordinary course of business.

b) In the process of production for sale.

c) In the form of materials or supplies to be consumed in the production process or in the rendering of services.

d) Held for use in the production or supply of goods or services.

Problem 2: A liability is classified as current if (choose the incorrect statement)

a) it is expected to be settled within the normal operating cycle

b) it is held primarily for the purpose of trading

c) it is to be settled within one year

d) the entity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting period

Reference no: EM132765975

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