Select the sub-head under which loose tools will be shown in the Balance Sheet of a company -
This question was previously asked in
Shift 29/05/2023 3:30 PM - 6:30 PM
A
Current Assets
B
Trade Receivables
C
Inventories
D
Other current Assets
Correct Answer
Inventories
Detailed Explanation
Loose tools in a company's balance sheet are typically classified under:
- Inventories.
Loose tools are considered part of a company's inventory since they are items held for use in the production or operation of the business and are intended to be consumed or used up in the normal course of business.
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