
MFRS 102-INVENTORIES
Authored by Mimi A24B3915
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the primary/main objective of MFRS 102 : Inventories?
To measure non-current assets available in an entity
To calculate the tax liabilities
To determine the profitability of a business entity
To prescribe the accounting treatments for inventories
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is NOT included in the definition of inventories under MFRS 102?
Raw materials
Finished goods
Property held for investment
Work in progress
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Inventories are measured at:
A. Cost or net realizable value, whichever is lower
B. Cost or fair value, whichever is lower
C. Market value
D. Net realizable value only
A
B
C
D
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When inventories are sold, the carrying amount is:
Added to assets
Expensed as cost of goods sold
Transferred to liabilities
Written off completely
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is NOT a cost of conversion?
Allocation of variable production overheads
Allocation of fixed production overheads
Depreciation of administrative office equipment
Direct labour
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
All the methods can be used under MFRS 102 for inventory valuation EXCEPT for
A. Standard Cost
B. LIFO
C. Weighted Average
D. FIFO
A
B
C
D
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How are the fixed production overheads allocated to inventory?
Based on the actual production only
Based on estimated sales
Not allocated at all
Based on the normal capacity of the production facilities
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