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68 . In accounting for inventories , which of the following statements is incorrect ? a . In daily transactions , strict adherence to the
68 . In accounting for inventories , which of the following statements is incorrect ? a . In daily transactions , strict adherence to the passing of legal title is not practicable b . Regardless of location , an entity shall report in its financial statements all inventories over which it holds legal title to or has gained control of the related economic benefits On inventory cut-off , an entity shall include in its inventory only those goods which are on hand d . Goods that are in transit as of inventory cutoff date may be included as part of inventory
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