PAS 2 Inventories

PAS 2 Inventories

1st Grade

10 Qs

quiz-placeholder

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PAS 2 Inventories

PAS 2 Inventories

Assessment

Quiz

Other, Business

1st Grade

Practice Problem

Easy

Created by

Lovely Sumagaysay

Used 221+ times

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

These are goods and materials on hand not yet placed into production

Finished Goods

Raw Materials

2.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

It is is a shipping term where the title passes to the buyer the moment the seller delivers the goods to the common carrier, who acts as an agent fot the buyer.

FOB Shipping point

FOB Destination

3.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

It is a freight term, which means the carrier will collect the cost of transportation the goods to the buyer.

Freight collect

Freight prepaid

4.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

What is the international counterpart of PAS 2?

IAS 2

IFRS 2

5.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

Which cost formula assumes that the items of inventory that were purchased or produced first are sold first?

Weighted Average

FIFO Method

6.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

It is a cost formula in which each item is determined from the weighted average of the cost of similar items at the beginning of a period and the cost of similar items purchased or produced during the period.

Weighted Average

FIFO Method

7.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

It is 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.

Carrying Amount

Net Realizable Value

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