Inexperienced employees may include consigned goods as inventory resulting in an overstatement of assets.
<h3>What is
inventory ?</h3>
Inventory, also known as stock, refers to the goods and materials that a company keeps for the purpose of resale, production, or use. Inventory management is primarily concerned with specifying the shape and placement of stocked goods.
There are four types of inventory: raw materials/components, work in progress (WIP), finished goods, and maintenance and repair (MRO).
Inventory valuation methods include FIFO (First In, First Out), LIFO (Last In, First Out), and WAC (Weighted Average Cost).
In accounting, inventory is classified as a 'current asset' that a company or business keeps for less than a year. Expenses, accounts receivable, and insurance plans are also examples of current assets.
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Answer: option (B). Eurocurrencies
Explanation: Euro currency is currency deposited by nationals governments or corporations, outside of its home market. Eurocurrency is a currency commonly held in banks located outside of the country which issues the currency. Moreover is is pertinent to note that the term Eurocurrency applies to any currency and to banks in any country. Having Euro doesn’t mean the transaction has to involve European countries.
Eurocurrency is when an institution uses money from another country, but not in the originating country’s home market, and despite the name, Eurocurrency can involve any currency. For example Nigeria Naira deposited at a bank in United state is Eurocurrency.
Answer:
I agree with Mike because pure risks involve only possible losses. Since he owns his house, the possibility of it burning down would represent only a loss to him.
But if he buys insurance, he will pay an insurance premium which means that if the house burns down, the company will lose money, but if the hose doesn't burn down, the insurance company will make a profit. This represents speculative risk because the possibility of a gain and a loss exist.
Answer:
Annual depreciation= $17,500
Explanation:
Giving the following information:
Purchase price= $375,000
Useful life= 20 years
Salvage value= $25,000
<u>To calculate the depreciation expense, we need to use the following formula:</u>
Annual depreciation= (original cost - salvage value)/estimated life (years)
Annual depreciation= (375,000 - 25,000) / 20
Annual depreciation= $17,500
There are ground fault circuit interrupted outlet for Lighting equipment listed for horticultural use.
<h3>What is ground fault circuit interrupter?</h3>
A ground fault circuit interrupter serves as one that help prevent electrocution.
The Lighting equipment when connected with ground fault circuit interrupter makes the working environment a safe one. GFCIs are generally installed where electrical circuits may accidentally come into contact with water.
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