The following questions are part of the accounts clerk interview questions

i) Describe why it is vital to make adjustments to closing inventory in the financial statement.

ii) Elaborate on what is meant by cost of inventories according to IAS 2.

iii) Describe how should inventories be valued in the financial statements.

iv) Narrate why inventories are classified as an asset.

REQUIRED

Prepare brief notes to answer the subsequent questions according to relevant accounting standards 

Answer rating: 100% (QA)

i Closing inventory should be recorded correctly to show the correct financial position of the entit... View the full answer