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IAS 2 Exam Questions & Answers 2024/2025
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IAS 2 Exam Questions & Answers 2024/2025
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IAS 2 Exam Questions & Answers2024/2025
IAS 2 - ANSWERSInventories
IAS 2 excludes - ANSWERSconstruction, broker-traders, biological assets, financial instruments
inventories are assets that are: - ANSWERS1) held for sale in the ordinary course of business
2)WIP inventory
3) Raw materials
inventory initially valued at: - ANSWERScost
inventory cost includes - ANSWERSimport duties, non refundable taxes, transport and handling costs,
conversion costs, fixed and variable overhead, borrowing costs, less any discounts given
inventory cost does not include - ANSWERSabnormal waste- expensed immediately
storage costs
administrative overhead
selling costs
cost methods allowed - ANSWERSspecific allowance, FIFO, weighted average
specific allowance - ANSWERSrequired for assets not ordinarily interchangeable or anything set aside for
specific identification
FIFO - ANSWERSfirst in, first out- value ending inventory using the most recent additions
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