Accounting for Inventories (IAS 2)

FA – May 2012 – L1 – SA – Q24 – Accounting for Inventories in Accordance with IAS 2

Identifying the most appropriate basis for apportioning inventory holding costs among departments.

Question

The most appropriate basis for apportioning inventory holding costs among departments is to use the value of:

Answer

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Tags: Cost Allocation, Inventory
Level: Level 1

Topic: Accounting for Inventories (IAS 2)
Series: MAY 2012

FA – May 2012 – L1 – SA – Q19 – Accounting for Inventories in Accordance with IAS 2

Identifying a non-advantage of computerized accounting systems.

Question

Which of the following is NOT an advantage of computer accounting application packages over manual accounting?

A. Generating a variety of accounting reports
B. Improving the quality of financial reporting
C. Allowing the use of common data to update relevant accounting modules
D. Processing larger quantities of data quickly and accurately
E. Allowing non-experts unrestricted use of the application packages

Answer

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Tags: Computerized Accounting, Financial Reporting
Level: Level 1

Topic: Accounting for Inventories (IAS 2)
Series: MAY 2012

FA – May 2012 – L1 – SA – Q13 – Accounting for Inventories (IAS 2)

Identifying the best method for inventory valuation according to IAS 2.

Question

According to International Accounting Standard No 2 on “Inventories”, which of the following methods can best be employed for the calculation and valuation of inventories?

A. Last purchase price
B. Last-In-First-Out
C. Base stock
D. Average cost
E. Replacement cost

Answer

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Tags: Financial Statements, IAS 2, Inventory Valuation
Level: Level 1

Topic: Accounting for Inventories (IAS 2)
Series: MAY 2012

FA – Nov 2020 – L1 – SA – Q12 – Accounting for Inventories (IAS 2)

Identifies the costs to be included in inventory valuation under IAS 2 for a manufacturing company.

Question

In accordance with IAS 2 – Inventories, which of the following costs should be included in the valuation of inventories of a manufacturing company?
A. Carriage outwards
B. Carriage inwards
C. General administrative overheads
D. Depreciation of land and buildings
E. Discount allowed

Answer

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Tags: IAS 2, Inventory Valuation, Manufacturing Company
Level: Level 1

Topic: Accounting for Inventories (IAS 2)
Series: NOV 2020

FA – Nov 2020 – L1 – SA – Q5 – Accounting for Inventories in Accordance with IAS 2

Effect of closing inventory overvaluation on reported profit.

Question

The closing inventories of a firm were overvalued by N300,000 due to an overcast error in one of the inventory valuation sheets.

How would the correction of this affect the reported profit?
A. Increase reported profit by N300,000
B. Reduce reported profit by N300,000
C. No effect on the reported profit
D. Increase reported profit by N600,000
E. Reduce reported profit by N600,000

Answer

Find Related Questions by Tags, levels, etc.

Tags: Error Correction, Inventory Valuation, Profit Impact
Level: Level 1

Topic: Accounting for Inventories (IAS 2)
Series: NOV 2020

FA – May 2012 – L1 – SA – Q24 – Accounting for Inventories in Accordance with IAS 2

Identifying the most appropriate basis for apportioning inventory holding costs among departments.

Question

The most appropriate basis for apportioning inventory holding costs among departments is to use the value of:

Answer

Find Related Questions by Tags, levels, etc.

Tags: Cost Allocation, Inventory
Level: Level 1

Topic: Accounting for Inventories (IAS 2)
Series: MAY 2012

FA – May 2012 – L1 – SA – Q19 – Accounting for Inventories in Accordance with IAS 2

Identifying a non-advantage of computerized accounting systems.

Question

Which of the following is NOT an advantage of computer accounting application packages over manual accounting?

Answer

Find Related Questions by Tags, levels, etc.

Tags: Computerized Accounting, Financial Reporting
Level: Level 1

Topic: Accounting for Inventories (IAS 2)
Series: MAY 2012

FA – May 2012 – L1 – SA – Q13 – Accounting for Inventories (IAS 2)

Identifying the best method for inventory valuation according to IAS 2.

Question

According to International Accounting Standard No 2 on “Inventories”, which of the following methods can best be employed for the calculation and valuation of inventories?

A. Last purchase price
B. Last-In-First-Out
C. Base stock
D. Average cost
E. Replacement cost

Answer

Find Related Questions by Tags, levels, etc.

Tags: Financial Statements, IAS 2, Inventory Valuation
Level: Level 1

Topic: Accounting for Inventories (IAS 2)
Series: MAY 2012

FA – Nov 2020 – L1 – SA – Q12 – Accounting for Inventories (IAS 2)

Identifies the costs to be included in inventory valuation under IAS 2 for a manufacturing company.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: IAS 2, Inventory Valuation, Manufacturing Company
Level: Level 1

Topic: Accounting for Inventories (IAS 2)
Series: NOV 2020

FA – Nov 2020 – L1 – SA – Q5 – Accounting for Inventories in Accordance with IAS 2

Effect of closing inventory overvaluation on reported profit.

Question

The closing inventories of a firm were overvalued by N300,000 due to an overcast error in one of the inventory valuation sheets.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Error Correction, Inventory Valuation, Profit Impact
Level: Level 1

Topic: Accounting for Inventories (IAS 2)
Series: NOV 2020

Topic: Accounting for Inventories (IAS 2)

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FA – May 2012 – L1 – SA – Q24 – Accounting for Inventories in Accordance with IAS 2

Identifying the most appropriate basis for apportioning inventory holding costs among departments.

FA – May 2012 – L1 – SA – Q19 – Accounting for Inventories in Accordance with IAS 2

Identifying a non-advantage of computerized accounting systems.

FA – May 2012 – L1 – SA – Q13 – Accounting for Inventories (IAS 2)

Identifying the best method for inventory valuation according to IAS 2.

FA – Nov 2020 – L1 – SA – Q12 – Accounting for Inventories (IAS 2)

Identifies the costs to be included in inventory valuation under IAS 2 for a manufacturing company.

FA – Nov 2020 – L1 – SA – Q5 – Accounting for Inventories in Accordance with IAS 2

Effect of closing inventory overvaluation on reported profit.

FA – May 2012 – L1 – SA – Q24 – Accounting for Inventories in Accordance with IAS 2

Identifying the most appropriate basis for apportioning inventory holding costs among departments.

FA – May 2012 – L1 – SA – Q19 – Accounting for Inventories in Accordance with IAS 2

Identifying a non-advantage of computerized accounting systems.

FA – May 2012 – L1 – SA – Q13 – Accounting for Inventories (IAS 2)

Identifying the best method for inventory valuation according to IAS 2.

FA – Nov 2020 – L1 – SA – Q12 – Accounting for Inventories (IAS 2)

Identifies the costs to be included in inventory valuation under IAS 2 for a manufacturing company.

FA – Nov 2020 – L1 – SA – Q5 – Accounting for Inventories in Accordance with IAS 2

Effect of closing inventory overvaluation on reported profit.

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FA – May 2012 – L1 – SA – Q24 – Accounting for Inventories in Accordance with IAS 2

Identifying the most appropriate basis for apportioning inventory holding costs among departments.

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FA – May 2012 – L1 – SA – Q19 – Accounting for Inventories in Accordance with IAS 2

Identifying a non-advantage of computerized accounting systems.

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FA – May 2012 – L1 – SA – Q13 – Accounting for Inventories (IAS 2)

Identifying the best method for inventory valuation according to IAS 2.

You're reporting an error for "FA – May 2012 – L1 – SA – Q13 – Accounting for Inventories (IAS 2)"

FA – Nov 2020 – L1 – SA – Q12 – Accounting for Inventories (IAS 2)

Identifies the costs to be included in inventory valuation under IAS 2 for a manufacturing company.

You're reporting an error for "FA – Nov 2020 – L1 – SA – Q12 – Accounting for Inventories (IAS 2)"

FA – Nov 2020 – L1 – SA – Q5 – Accounting for Inventories in Accordance with IAS 2

Effect of closing inventory overvaluation on reported profit.

You're reporting an error for "FA – Nov 2020 – L1 – SA – Q5 – Accounting for Inventories in Accordance with IAS 2"

FA – May 2012 – L1 – SA – Q24 – Accounting for Inventories in Accordance with IAS 2

Identifying the most appropriate basis for apportioning inventory holding costs among departments.

You're reporting an error for "FA – May 2012 – L1 – SA – Q24 – Accounting for Inventories in Accordance with IAS 2"

FA – May 2012 – L1 – SA – Q19 – Accounting for Inventories in Accordance with IAS 2

Identifying a non-advantage of computerized accounting systems.

You're reporting an error for "FA – May 2012 – L1 – SA – Q19 – Accounting for Inventories in Accordance with IAS 2"

FA – May 2012 – L1 – SA – Q13 – Accounting for Inventories (IAS 2)

Identifying the best method for inventory valuation according to IAS 2.

You're reporting an error for "FA – May 2012 – L1 – SA – Q13 – Accounting for Inventories (IAS 2)"

FA – Nov 2020 – L1 – SA – Q12 – Accounting for Inventories (IAS 2)

Identifies the costs to be included in inventory valuation under IAS 2 for a manufacturing company.

You're reporting an error for "FA – Nov 2020 – L1 – SA – Q12 – Accounting for Inventories (IAS 2)"

FA – Nov 2020 – L1 – SA – Q5 – Accounting for Inventories in Accordance with IAS 2

Effect of closing inventory overvaluation on reported profit.

You're reporting an error for "FA – Nov 2020 – L1 – SA – Q5 – Accounting for Inventories in Accordance with IAS 2"

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