Where, if at all, should the following items be classified on a statement of financial position? (a)
Question:
(a) Goods out on approval to customers
(b) Goods in transit that were recently purchased FOB destination
(c) Land held by a real estate firm for sale
(d) Raw materials
(e) Goods received on consignment
(f) Stationery supplies
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a As these goods are still owned by the entity they would be classified as inventory current ...View the full answer
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Related Book For 
Applying International Financial Reporting Standards
ISBN: 978-0730302124
3rd edition
Authors: Keith Alfredson, Ken Leo, Ruth Picker, Paul Pacter, Jennie Radford Victoria Wise
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