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This question belongs to Commerce Accounting

Accounting

?

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 & Solution

Correct Answer: Option D

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