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    Question

    Tangible property to be consumed in production of goods

    or services or held for sale in the ordinary course of business is defined as:
    A Historical Cost Correct Answer Incorrect Answer
    B Business Assets Correct Answer Incorrect Answer
    C Inventory Correct Answer Incorrect Answer
    D None of the above Correct Answer Incorrect Answer

    Solution

    Inventory is defined as ‘Tangible property to be consumed in production of goods or services or held for sale in the ordinary course of business.’

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