Assignment: Practice Project FASB
Definitions: Look these up in the Codification, copy, and paste, be sure to reference your source. Feel free to add your own words in addition to the quotes from the codification. Your own examples are a good way to expand your reply in your own words.
a) What is the definition of inventory?
(b) What is the definition of market as it relates to inventory?
(c) What is the definition of net realizable value?
2. Questions: Search the codification for information.In your own words, discuss the following:
List and describe three types of goods that are classified as inventory. What characteristic will automatically exclude an item from being classified as inventory?
Again, be sure to cite your sources. In addition to the codification, you may use other sources. The codification will be your primary source.
Format your assignment according to the following formatting requirements:
1. The answer should be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides.
2. The response also include a cover page containing the title of the assignment, the student's name, the course title, and the date. The cover page is not included in the required page length.
3. Also Include a reference page. The Citations and references should follow APA format. The reference page is not included in the required page length.