The International Accounting Standard-2 lays down guide lines for inventory valuation and presentation. Which one of the following is not true as per these standards:
A. The inventory should be valued at historic cost or net realisable value, whichever is lower
B. The cost of damaged raw material should be added in arriving at the value of the stock of manufactured goods
C. Usually either the FIFO or the Weighted Average Cost Method should be used for valuation of inventory
D. The basis and policy of valuation of inventory should not clearly be stated
Answer: Option D
This Question Belongs to Commerce >> Accounting
Accounting provides information on
A. Cost and income for managers
B. Company's tax liability for a particular year
C. Financial conditions of an institutions
D. All of the above
The long term assets that have no physical existence but are rights that have value is known as
A. Current assets
B. Fixed assets
C. Intangible assets
D. Investments
The assets that can be converted into cash within a short period (i.e. 1 year or less) are known as
A. Current assets
B. Fixed assets
C. Intangible assets
D. Investments
Patents, Copyrights and Trademarks are
A. Current assets
B. Fixed assets
C. Intangible assets
D. Investments
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