BUISENESS MANAGEMENT
INVENTORY MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Stock
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Inventory
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Either A or B
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None of the above
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Detailed explanation-1: -Inventory refers to a company’s goods and products that are ready to sell, along with the raw materials that are used to produce them.
Detailed explanation-2: -There are four main types of inventory: raw materials/components, WIP, finished goods and MRO.
Detailed explanation-3: -A stock that is paid for in full and is not pledged in any way as collateral. * Required Information.
Detailed explanation-4: -Manufacturers deal with three types of inventory. They are raw materials (which are waiting to be worked on), work-in-progress (which are being worked on), and finished goods (which are ready for shipping).
Detailed explanation-5: -Inventory refers to all the items, goods, merchandise, and materials held by a business for selling in the market to earn a profit. Example: If a newspaper vendor uses a vehicle to deliver newspapers to the customers, only the newspaper will be considered inventory. The vehicle will be treated as an asset.