IAS 2 Inventories requires year-end inventory to be reported at the lower of cost or net realisable
Question:
IAS 2 Inventories requires year-end inventory to be reported at the lower of cost or net realisable value.
Which of the following defines net realisable value?
(a) The price at which the unsold inventory could be sold
(b) The price at which the unsold inventory was purchased
(c) The price at which unsold inventory could be sold less expenses of selling them
(d) The price at which unsold inventory could be sold plus expenses of selling them
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 33% (3 reviews)
c The price at w...View the full answer
Answered By
Asim farooq
I have done MS finance and expertise in the field of Accounting, finance, cost accounting, security analysis and portfolio management and management, MS office is at my fingertips, I want my client to take advantage of my practical knowledge. I have been mentoring my client on a freelancer website from last two years, Currently I am working in Telecom company as a financial analyst and before that working as an accountant with Pepsi for one year. I also join a nonprofit organization as a finance assistant to my job duties are making payment to client after tax calculation, I have started my professional career from teaching I was teaching to a master's level student for two years in the evening.
My Expert Service
Financial accounting, Financial management, Cost accounting, Human resource management, Business communication and report writing. Financial accounting : • Journal entries • Financial statements including balance sheet, Profit & Loss account, Cash flow statement • Adjustment entries • Ratio analysis • Accounting concepts • Single entry accounting • Double entry accounting • Bills of exchange • Bank reconciliation statements Cost accounting : • Budgeting • Job order costing • Process costing • Cost of goods sold Financial management : • Capital budgeting • Net Present Value (NPV) • Internal Rate of Return (IRR) • Payback period • Discounted cash flows • Financial analysis • Capital assets pricing model • Simple interest, Compound interest & annuities
4.40+
65+ Reviews
86+ Question Solved
Related Book For
Financial Accounting An Introduction
ISBN: 9780273737650
2nd Edition
Authors: Mr Barry Elliott, Mr Augustine Benedict
Question Posted:
Students also viewed these Business questions
-
Let f be a function defined on R. For every unit vector u in R, let g.(t) = f(t u). Suppose every g, has a local %3! minimum at i = 0. Does / have a local minimum at (0,0) ?
-
Caterpillar uses U.S. GAAP when preparing its consolidated financial statements. Information concerning inventories from their 2017 annual report is as follows: Inventories are stated at the lower of...
-
Assume that you are the auditor of ABC Inc, for the fiscal year 2006. No audit procedures have been performed other than general information gathering. Please read all the information given below...
-
Firms raise capital from investors by issuing shares in the primary markets. Does this imply that corporate financial managers can ignore trading of previously issued shares in the secondary market?
-
This week, you read that leadership also encompasses the behavior of a leader toward his or her followers, which illuminates the fact that leadership does not occur in a vacuum. Context, geographic...
-
Grocery prices of the same items were compared at Target and Whole Foods. Assume the sampling was random. The descriptive statistics are shown, and the results of a t-test are shown. a. Compare the...
-
(a) Use Figure \(7.2 a\) to calculate the \(x\) components of the momenta of the two carts at \(t=30,60\), and \(90 \mathrm{~ms}\). (b) What is the \(x\) component of the momentum of the system at...
-
This problem is based on a recent annual report of the City of Tucson. Dates have been changed. 1. The letter of transmittal from the city's nance director reports that the city's bonds were rated AA...
-
6. 7. 8. 9. You are given a converging lens with equal radii of curvature and a diverging lens with the same radii of curvature as those of the converging lens. The lenses are made of material with n...
-
On completion of first year of business Imelda Folly has prepared her Statement of income for the year ended 31 December 2010 and her Statement of financial position as at that date as shown below:...
-
In the system of accounting as used in the UK which of the following is not recorded in an account? (a) Loss of goods bought for sale (b) Goods removed by the owner for own use (c) Cash discount (d)...
-
Suppose Halton Corporations inventory records for a particular computer chip indicate the following at July 31: Jul 1 Beginning inventory ............... 5 units @ $59 = $295 8...
-
In Toyotas Georgetown Kentucky plant, one finished car rolls off the assembly line every 20 seconds. It takes 100 minutes to assemble a car. How many cars are being worked on in the assembly line at...
-
.) Suppose we have two-class data that can be separable by two lines as seen in the Figure. In order to classify data, 1X2 100+0x + x = 0 a) Propose a classifier and labeling expression with respect...
-
Difficulties in trust, conflict management, and negotiation processes can derail leadership and team building in criminal justice organizations. Team leaders are expected to manage their teams by...
-
An electron in a periodic lattice has the following energy-wavenumber relationship: E (k) 2m cos (k) a. Plot the E-k diagram (0.5p) b. Determine the effective mass (0.5p) c. Determine the group...
-
Suppose X N(-5,0 = 3). Use the empirical rule (no software!) to find the following. I recommend that you draw pictures when you do these, but you need not turn in the pictures. a) P(-8
-
The following frequency distribution represents the cause of death in homicides for the year 2009. Type of Weapon ..................................... Frequency Firearms .. 9146 Knives or cutting...
-
Show that every group G with identity e and such that x * x = e for all x G is abelian.
-
List three features of a statement of financial position (balance sheet) which are particularly useful in making the format helpful to readers?
-
John Timms is the sole owner of Sunshine Wholesale Traders, a company which buys fruit from farmers and sells it to supermarkets. All goods are collected from farms and delivered to supermarkets on...
-
Explain the accounting principles of each of the following: (a) Going concern; (b) Accruals; (c) Consistency; (d) The concept of prudence?
-
Mammy is out of the kitchen and it's a great opportunity to get you hands on that cake inside the fridge. Alas, Daddy has the same idea and also rushes to the same end! Your Dad wishes to negotiate...
-
Suppose there are two consumers, A and B. There are two goods, Good X and Good Y. X is the quantity of Good X, and Y is the quantity of Good Y. Suppose the consumers' utility functions are given by:...
-
Julio buys a koi fishpond (and fish to put in it) for his wife on their anniversary. He pays $8000 for the pond and fish with $2000 down. The dealer charges add-on interest of 3.5% per year, and...
Study smarter with the SolutionInn App