Finished goods held for sale are inventory, but raw materials to ...

[luminitza]

Finished goods held for sale are inventory, but raw materials to be used in the production process
  are considered other assets.
 
  Indicate whether the statement is true or false

Question 2

John has an auto which is covered for collision losses subject to a 250 deductible. Kate's auto also has collision coverage but her deductible is 500.
 
  Which of the following statements describes how a 2,000 collision loss will be paid if it occurs when John borrows Kate's car because his car is in the shop for repairs?
  A) John's policy will pay 1,500, and Kate's policy will pay nothing.
  B) John's policy will pay 1,750, and Kate's policy will pay nothing.
  C) Kate's policy will pay 1,750, and John's policy will pay nothing.
  D) Kate's policy will pay 1,500, and John's policy will pay 250.

[b614102004]

Answer to Question 1

FALSE

Answer to Question 2

Answer: D