ANSWER BRIEFLY BUT CONCISELY THE FOLLOWING: (YOU ARE ENCOURAGED TO USE YOUR OWN WORDS IN YOUR ANSWERS AND CITING EXAMPLES FOR SUPPORT) (10 PTS EACH)

1. EXPLAIN INVENTORY AND THE REQUISITES FOR AN ITEM TO BE CONSIDERED AS ONE CITING PAS 2 OR IAS2.
2. HOW DO YOU VALUE INVENTORIES AND WHAT ARE THE COST METHODS THAT ARE GENERALLY ACCEPTABLE ACCOUNTING PRINCIPLE (GAAP)
3. DISCUSS BRIEFLY THE INVENTORY ACCOUNTS AND THE GOODS INCLUDED IN INVENTORY
4. ARE GOODS IN TRANSIT PART OF INVENTORY? EXPOUND
5. EXPLAIN THE COSTS ASSOCIATED WITH INVENTORIES GIVE EXAMPLES.
6. WHAT ARE THE COSTS THAT SHOULD NOT BE PART OF INVENTORY AND HOW THEY SHOULD BE TREATED
7. EXPLAIN LCNRV AND GIVE EXAMPLE.
8. EXPLAIN PAS 7
9. EXPLAIN PAS 8
10. DISCUSS THE CHANGES IN ACCOUNTING POLICIES, WHEN IT IS ALLOWED OR ACCEPTABLE AND ITS HANDLING.