FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question 17 AASB 102 Inventories specifies that the measurement rule for inventories is: higher of initial cost and realisable value. higher of production costs and selling price. lower of fair value and selling price. lower of cost and net realisable value. Question 18 The write down of inventories to net realisable value in a prior period: can be reversed in a later period with no upper limit from a previous write down. cannot be reversed in a later period.. can be reversed in a later period but only to the upper limit of the original write down. can be reversed in a later period so long as the value is recovered within 2 years of the original write down. Question 23 Inventories are to be measured at the lower of cost or net realisable value. Net realisable value is defined in AASB 102/IAS 2 Inventories as: the fair value of the inventories at purchase date. the amount paid for the purchase of the inventories in an arm's length transaction. the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale. O the estimated buying price in the ordinary course of business. O O
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Transcribed Image Text:Question 17 AASB 102 Inventories specifies that the measurement rule for inventories is: higher of initial cost and realisable value. higher of production costs and selling price. lower of fair value and selling price. lower of cost and net realisable value. Question 18 The write down of inventories to net realisable value in a prior period: can be reversed in a later period with no upper limit from a previous write down. cannot be reversed in a later period.. can be reversed in a later period but only to the upper limit of the original write down. can be reversed in a later period so long as the value is recovered within 2 years of the original write down. Question 23 Inventories are to be measured at the lower of cost or net realisable value. Net realisable value is defined in AASB 102/IAS 2 Inventories as: the fair value of the inventories at purchase date. the amount paid for the purchase of the inventories in an arm's length transaction. the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale. O the estimated buying price in the ordinary course of business. O O
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