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

well based on 99% of parents have dont something wrong to there kids mabey even stole money from you so based on maney inccedent i would choose guilt

answer; ///i believe that the correct answer is (a) it is the means by which a person earns money;