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q16- - q17 A road transportation company purchased a truck...

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Accounting

q16-

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q17

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A road transportation company purchased a truck for SR400,000. Will it be reported on the balance sheet as a non-current asset or as an inventory? Explain why. Recall the Leslie Fay case. What did the executives want to achieve by reporting higher ending inventory? This is an excerpt from the article of the case: "officials forged inventory tags, ignored expected inventory shrinkage, multiplied the value of items in inventory, [...] and made up phantom inventory

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