Can a balance sheet have an item titled goods-in-transit? If yes, it would be of which part?
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Can a balance sheet have an item titled “goods-in-transit”? If yes, it would be of which part?
(a) Yes. It will come under Receivables
(b) No. It will always come under Contingent Liabilities
(c) Yes. It will come under Inventories
(d) No. It will always be part of Profit & Loss Statement
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The correct answer is c Yes It will come under Inventori...View the full answer
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Related Book For
Financial Accounting For Management
ISBN: 9789385965661
4th Edition
Authors: Neelakantan Ramachandran, Ram Kumar Kakani
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