It is the oldest Philippine Accounting Standard that has not yet been superseded by another standard.

• PAS 1

• PAS 2

• PAS 16

• PAS 41

Inventories are subsequently measured at

• cost

• cost +

• net realizable value

• lower of cost or net realizable value

What is the inventory costing method that is based on the assumption that costs should be charged against revenue in the order in which they were incurred?

• FIFO

• LIFO

• Weighted Average

• Moving Average

This inventory valuation method is not allowed by PFRS

• FIFO

• LIFO

• Specific identification

• All given are allowed by PFRS.

Direct materials + direct labor is ______

Direct labor + overhead = __________ cost

Purchases less returns, discounts and allowances, plus freight-in is

• Gross Purchases

• Purchases

• Net Purchases

• Net Cost of Purchase

These rules are a set of 11 globally recognized standard trade terms created by the International Chamber of Commerce (ICC) to facilitate domestic and international B2B sales of goods.

What report or document is missing?

The periodic inventory system is used most commonly by companies that sell

• High-priced, high-volume merchandise

• Low-priced, high-volume merchandise

• High-priced, low-volume merchandise

• Low-priced, low-volume merchandise