Construction contracts (PAS 11) Financial instruments (PFRS 9/PAS 39) Biological assets (PAS 41) Does NOT APPLY to measurement of inventories held by: Producers of agricultural and forest products measured at NRV. QUIZ NEW SUPER DRAFT. IAS 2 Inventories 2 Fair value – the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. These short solved questions or quizzes are provided by Gkseries. PAS2. Measurement Inventories shall be stated at the lower of cost and net realisable value. Professionals, Teachers, Students and Kids Trivia Quizzes to test your knowledge on the subject. Save. JM PAS 2: INVENTORIES Date Transaction Units Unit Cost Total Cost Jan 1 Beginning 100 10 1,000 Inventory Jan 7 Purchase 300 12 3,600 Jan 12 Sale 320 Jan 21 Purchase 200 14 2,800. Trade discounts c. Refundable purchase taxes d. Administrative costs 2. The cost of the inventory is determined by taking the selling price of the cosmetics San Beda University. For the purpose, cost at the date of harvest is deemed to be 3. JD DL. Edit. The retail method can be used for measuring inventories of the beauty products. When agricultural produce is harvested, the harvest shall be accounted for as "inventory". (3) When production is abnormally high, the fixed production overhead allocated to each unit will be reduce, so avoiding inventories being stated at more than costs. Minerals and mineral products measured at NRV. IAS 2 -Inventories, explain how the items referred to in ) a and b) should be measured . Academisch jaar. QUIZ NEW SUPER DRAFT. 3rd grade . BS Accountancy (BSA) Geüpload door. 59% average accuracy. PAS 2 MABIL. JM PAS 2: INVENTORIES Cost Formulas 3. Inventories are assets: a. 2 Standards (by: Zeus Vernon B. Millan) Inventories. MCQ quiz on Inventory management multiple choice questions and answers on Inventory management MCQ questions quiz on Inventory management objectives questions with answer test pdf. These short objective type questions with answers are very important for Board exams as well as competitive exams. Transport costs for raw materials b. Weighted Average Cost – cost … 2019/2020. Vak. PAS 2 Inventories, By HASSANHOR G BACOLOD QUIZ: 1. 42 0. a year ago. a. 59% average accuracy. 161 plays. • State the accounting for inventory write-down and the reversal thereof. Which of the following is added to the cost of inventories? Solution Example 2 . effendiadha_52592. Storage costs of part-finished goods b. Inventory Management Multiple Choice Questions and Answers for competitive exams. Inventories - PAS2. Preview this quiz on Quizizz. effendiadha_52592. Delen. Reacties. Fair value less cost of disposal at point of harvest. Which of the following costs are included in the cost of inventories? Copy and Edit. Conceptual Framework & Acctg. When there is a long aging or maturation process after harvest, the accounting for such products shall be dealt with by. Meld je aan of registreer om reacties te kunnen plaatsen. a year ago. Learning Objectives • Define inventories. World Languages. Nuttig? Universiteit / hogeschool. PAS 2 MABIL. Gerelateerde documenten. 161 … a. (2) Unallocated overheads must be recognised as an expense in the period in which they were incurred. PAS 2 Inventories. Commodity brokers who measure inventory at fair value less costs to sell. • Measure inventories and apply the cost formulas. Share. PAS 2 Inventories. Questions or quizzes are provided by Gkseries, Teachers, Students and Kids Trivia quizzes to your... B. Millan ) Inventories at point of harvest State the accounting for such products shall be accounted as! Measure inventory at fair value less costs to sell questions with Answers are very important for Board exams well. 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