Inventory will be classified under which

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Target Exam

CUET

Subject

-- Accountancy Part B

Chapter

Financial Statements of a Company

Question:

Inventory will be classified under which head in the balance sheet of a Company as per Schedule III of the Companies Act 2013?

Options:

Current Assets

Non Current Assets

Tangible Assets

None of the above

Correct Answer:

Current Assets

Explanation:

The correct answer is option 1- Current Assets.

As per Schedule III of the Companies Act 2013, all inventories are always treated as current.