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- IAS 2 – Inventories 0%
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Question 1 of 10
1. Question
The actual level of production may be used if it __________ normal capacity.
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Question 2 of 10
2. Question
In periods of abnormally high production, the amount of fixed overhead allocated to each unit of production is decreased so that inventories are not measured above actual cost.
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Question 3 of 10
3. Question
Variable production overheads are allocated to each unit of production on the basis of the __________ use of the production facilities.
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Question 4 of 10
4. Question
Which of the following is an example of cost that shall be excluded from the cost of inventories and recognised as an expense in the period in which it is incurred?
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Question 5 of 10
5. Question
IAS 2 requires entities to include borrowing costs in the cost of inventories.
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Question 6 of 10
6. Question
Which of the following are techniques for the measurement of the cost of inventories?
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Question 7 of 10
7. Question
Which of the following shall be included in the standard cost of inventory?
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Question 8 of 10
8. Question
The cost of the inventory can be determined by reducing the sales value (of the inventory) by the appropriate percentage gross margin.
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Question 9 of 10
9. Question
Which of the following cost formulas is appropriate to use for the cost of inventories of items that are not ordinarily interchangeable?
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Question 10 of 10
10. Question
Under which of the following circumstances may an entity justify the use of different cost formulas to its inventories?
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