
PAS 2 Inventories
Authored by Lovely Sumagaysay
Other, Business
1st Grade
Used 221+ times

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10 questions
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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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