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

(d) No. It will always be part of Profit & Loss Statement

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Financial Accounting For Management

ISBN: 9789385965661

4th Edition

Authors: Neelakantan Ramachandran, Ram Kumar Kakani

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Question Posted: Aug 23, 2023 06:23 AM

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Can a balance sheet have an item titled goods-in-transit? If yes, it would be of which part?

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The correct answer is c Yes It will come under Inventori...View the full answer

Financial Accounting For Management

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