Which of the following statements regarding Work-In-Process account is correct?

Select one:

a. Work-In-Process is partially completed inventory

b. Work-In-Process consists of direct labour, direct material and manufacturing overhead

c. Work-In-Process is debited as product costs are incurred

d. All of the above are correct

Which of the following items is a liability?

Select one:

a. Loan guarantee

b. Accumulated depreciation

c. Allowance for doubtful debs

d. Bank overdraft

Which of the following is NOT an essential characteristic of an asset?

Select one:

a. it must be legally owned by the entity

b. the entity must have control over the asset

c. the transaction giving the entity control over the asset must have occurred

d. none of the above; all are essential characteristics