LEARNING ACTIVITY 1.2 Questions 1. Complete the following statements with one of the terms listed below. A term may be used once, more than once, or not at all. • Unfinished goods • Service organisations Finished goods inventory Manufacturing organisations • Merchandising companies (a) All --- typically have a single category of inventory. (b) -- do not have tangible products purchased for resale. (c) ------------ resell ready-made products. (d) The inventory of a manufacturer includes raw material, and ----------. (e) ------ use their plant, machinery and labour to convert raw material into finished goods.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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LEARNING ACTIVITY 1.2
Questions
1. Complete the following statements with one of the terms listed
below. A term may be used once, more than once, or not at all.
• Unfinished goods
• Service organisations
Finished goods inventory
Manufacturing organisations
• Merchandising companies
(a) All ---
typically have a single category of inventory.
(b) ----------- do not have tangible products purchased for resale.
(c)
------------ resell ready-made products.
(d) The inventory of a manufacturer includes raw material,
and ----------.
(e)
---------- use their plant, machinery and labour to convert raw
material into finished goods.
Transcribed Image Text:LEARNING ACTIVITY 1.2 Questions 1. Complete the following statements with one of the terms listed below. A term may be used once, more than once, or not at all. • Unfinished goods • Service organisations Finished goods inventory Manufacturing organisations • Merchandising companies (a) All --- typically have a single category of inventory. (b) ----------- do not have tangible products purchased for resale. (c) ------------ resell ready-made products. (d) The inventory of a manufacturer includes raw material, and ----------. (e) ---------- use their plant, machinery and labour to convert raw material into finished goods.
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