Which of the following statements concerning inventory is correct?
a) inventory is reported as a current asset because it will be converted into cash within a year of the balance sheet date.
b) inventory is not reported as a current asset. inventory is a non-current asset because it is held for sale in the ordinary course of business and is not available to meet current obligations.
c) inventory is reported as a current asset because it has been sold.

A) Inventory is reported as a current asset because it will be converted into cash within a year of the balance sheet date.

Explanation:

The total assets comprise of current assets, fixed assets, and the intangible assets

The current assets include cash, stock, account receivable, etc

Fixed assets include plant & machinery, land, equipment, furniture & fittings, etc.

And, the intangible assets include patents, copyrights, goodwill, etc.

The current assets are those assets which are converted into cash in less than one year

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know

answerskimming;