
Inventory Valuation Quiz
Quiz
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Other
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University
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Practice Problem
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Easy
Krisha Kubadia
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25 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the definition of inventory according to AS 2 (Revised)?
Assets that are not used in production
Assets held for sale in the ordinary course of business
Assets held for investment purposes
Assets that are only raw materials
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is included in the cost of inventories?
Selling and distribution costs
Abnormal waste
Costs of purchase
Administrative overheads
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is excluded from the scope of AS 2 (Revised)?
Finished goods
Work in progress under construction contracts
Raw materials
Work in progress for manufacturing
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which cost formula is NOT mentioned in the text for inventory valuation?
Specific Identification
Last-In First-Out (LIFO)
First-In First-Out (FIFO)
Weighted Average Cost
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the primary focus of AS 2 (Revised)?
Valuation of fixed assets
Valuation of inventories
Valuation of liabilities
Valuation of equity
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is a cost of purchase?
Direct labor costs
Purchase price including duties and taxes
Storage costs
Selling expenses
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What should be the basis for allocating fixed production overheads?
Market demand
Historical costs
Normal capacity
Actual production levels
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