This refers to raw materials used in the making of a final product. As an example, hay is a raw resource to a cattle rancher. Water is a raw material to bottling company and so on. It is the primary account in the inventory section of the current assets of a balance sheet.
The asset side of the balance sheet is divided into 3 major sections. They include current assets, fixed assets, and other assets. Current assets carry the most value to the small business entrepreneur because of […]