Question: Question 1 (25 Marks Assignment) a) Materials costing Rs. 12000 bought for the processing and assembly for a profitable special order. Since buying these items,

Question 1 (25 Marks Assignment)

a) Materials costing Rs. 12000 bought for the processing and assembly for a profitable special order. Since buying these items, the cost price has fallen to Rs. 10,000. According of IAS-2, what price should this material be valued at the reporting date? Give reasons for your answer

b) What are the basic accounting conventions used while preparing the financial statements? Enlist them and provide at least one example for each of them

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

I need and answer for problem 16 chapter 15 out of Ehrhardt, M. C., Brigham, E. F. Corporate Finance: A Focused Approach . [Chegg]. Retrieved from https://ereader.chegg.com/#/books/9781337910231/ 7...

a) Material costing Rs. 12,000 bought for the processing and assembly for a profitable special order. Since buying these items, the cost price has fallen to Rs. 10,000. According of IAS-2, what price...

An entity has the following items of inventory. a ) Raw materials costing $ 1 2 , 0 0 0 bought for processing and assembly for a profitable special order. Since buying these items, the cost price of...

7.10. Example 10 - Materials and Subsequent Measurement of Inventory Value the following items of inventory: a) Materials costing $12,000 bought for processing and assembly for a profitable special...

has the following items of inventory. Material costing $12,000.00 bought for processing and assembly for a profitable special order. Since buying these items, the cost price has fallen to $10,000.00....

PLEASE COMPLETE NO LATER THAN 10/28 @3:30PM Each question(1,2,& 3) must be a minimum of 200 words. Please EXPLAIN answers in FULL detail and make answers knowledgeable based off the attached reading,...

I would like assistance with assignment 3 and 4 on the attached document I have been struggling with the subject and its my last AUI4863/102/0/2016 Tutorial letter 102/0/2016 ADVANCED INTERNAL AUDIT...

Relevant Tax Rules Corporate Profits Unless otherwise specified, only the following rules for taxation of corporate profits will be relevant, other taxes can be ignored: Accounting rules on...

Polaski Company manufactures and sells a single product called ?HTV-7?. Operating at capacity, the company can produce and sell 30,000 units of HTV-7 per year. Costs associated with this level of...

hi i only need the cost of job a500 in question 1 part b and the Materials and conversion cost in question 3 thank you I do not need to see the work just the answer Hi i only need the cost of job...

Answer all Questions This individual project is worth 60% of your final grade. The assignment is due on May 15th, 2020. Question 1 (30 Marks) The concept of budgeting has been a long established...

Refer to Exhibits 19.10 and 19.11 in the text. The EFNs for several growth rates for Empire Enterprises are as follows: Growth Rate (%) EFN ($ millions) 0% ........... -$4.8 5 ............ -2.3 9.6...

Which graph shows the solution to this system of inequalities? | (1 point)

Which of the following are typical federal fund loan denominations? Check all that apply. $ 1 5 0 , 0 0 0 $ 6 0 0 , 0 0 0 $ 7 , 0 0 0 , 0 0 0 $ 1 5 , 0 0 0 , 0 0 0

SIMAD UNIVERSITY Class: BACC25 Subject: Islamic Accounting Instructions: a) Follow The Instructions. Midterm Exam Instructor: All Ibrahim Date: 6-4-2022 b) You Have 1.5 Hrs. To Complete This Test. c)...

4. In small groups in your class, discuss how popular culture and films portray interpersonal relationships, considering specifically relationship stages. Discuss communication techniques that the...

1. List one family relationship, one friendship, and one romantic relationship in which you are or have been involved. For each of these relationships, list at least five self-disclosures you made to...

B In light of the information you have gleaned from this chapter, how would you prepare to have a conversation about repairing the relationship no matter which decision you make? What repair tactics...