Question

What is the meaning of inventory in accounting?

Answer 1

Inventory is an asset that is intended to be sold in the ordinary course of business. Inventory may not be immediately ready for sale.

please mark this as Brainliest answer.
Inventory is classified as a short-term asset, since it is usually liquidated within one year.

Answer 2

$\huge\boxed{\underline{\mathcal{\red{❥A}\green{N}\pink{S}\orange{W}\blue{E}\purple{R}}}}$

ɪɴᴠᴇɴᴛᴏʀʏ ɪs ᴛʜᴇ ᴀʀʀᴀʏ ᴏғ ғɪɴɪsʜᴇᴅ ɢᴏᴏᴅs ᴏʀ ɢᴏᴏᴅs ᴜsᴇᴅ ɪɴ ᴘʀᴏᴅᴜᴄᴛɪᴏɴ ʜᴇʟᴅ ʙʏ ᴀ ᴄᴏᴍᴘᴀɴʏ. ɪɴᴠᴇɴᴛᴏʀʏ ɪs ᴄʟᴀssɪғɪᴇᴅ ᴀs ᴀ ᴄᴜʀʀᴇɴᴛ ᴀssᴇᴛ ᴏɴ ᴀ ᴄᴏᴍᴘᴀɴʏ's ʙᴀʟᴀɴᴄᴇ sʜᴇᴇᴛ, ᴀɴᴅ ɪᴛ sᴇʀᴠᴇs ᴀs ᴀ ʙᴜғғᴇʀ ʙᴇᴛᴡᴇᴇɴ ᴍᴀɴᴜғᴀᴄᴛᴜʀɪɴɢ ᴀɴᴅ ᴏʀᴅᴇʀ ғᴜʟғɪʟʟᴍᴇɴᴛ.