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4 Cards in this Set
- Front
- Back
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Inventories |
are assets held for sale in the ordinary course of business, in the process of production for such sale or in the form of materials or supplies to be consumed in the production process or in the rendering of services. encompass goods purchased and held for resale also encompass finished goods produced, goods in process and materials and supplies awaiting use in the production process. |
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inventories of a trading concern inventories of manufacturing concern |
inventories are broadly classified into two, namely: |
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Trading concern |
is one that buys and sells goods in the same form purchased. |
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manufacturing concern |
is one that buys goods which are altered or converted into another form before they are made available for sale. |
