Multiple Choice
In the context of financial accounting, directors spend a majority of their time doing which of the following tasks?
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1. Introduction to Accounting
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Which of the following is NOT true about creating an inventory of your possessions?
A
An inventory can assist in filing claims in case of theft or loss.
B
It helps in determining the value of assets for insurance purposes.
C
It is unnecessary to update the inventory after acquiring new items.
D
Photographs and receipts can be useful additions to an inventory.
Verified step by step guidance1
Step 1: Understand the purpose of creating an inventory of possessions. An inventory is a detailed list of items you own, which can help in filing claims for theft or loss and determining the value of assets for insurance purposes.
Step 2: Recognize the importance of updating the inventory. When new items are acquired, the inventory should be updated to ensure it accurately reflects your possessions and their value.
Step 3: Note that photographs and receipts are useful additions to an inventory. They provide evidence of ownership and can help substantiate claims in case of theft or loss.
Step 4: Identify the statement that is NOT true. The statement 'It is unnecessary to update the inventory after acquiring new items' contradicts the purpose of maintaining an accurate inventory.
Step 5: Conclude that updating the inventory is essential for ensuring its accuracy and usefulness in insurance claims or asset valuation.
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