Answered step by step
Verified Expert Solution
Question
1 Approved Answer
please answer all the questions immediately thankyou 7 Which of the following is correct regarding Agricultural produce? * (1 Point) They are valued only when
please answer all the questions immediately thankyou
7 Which of the following is correct regarding Agricultural produce? * (1 Point) They are valued only when harvested Cost of disposal is not considered when valuing an agricultural produce at point of harvest They are the harvested product from the biological assets They are valued at the end of each reporting period at Fair value 8 Which of the following is not true under PAS 36? * (1 Point) The time value of money is relevant in computation of value in use Expected future cash flow from the asset is used in computation of value in use Carrying amount of the asset is relevant in determining the value in use Expected variation in the amount of future cash flow is relevant in computation of value in use 9 If the firm's work in process inventory has increased during the period, * (1 Point) Its cost of goods sold for the period will be less than its cost of goods manufactured Its cost of goods sold for the period will be more than its cost of goods manufactured o Its manufacturing cost for the period will be more than its cost of goods manufactured Its manufacturing cost for the period will be less than its cost of goods manufactured 10 When manufacturing inventory, what is the accounting treatment for abnormal freight-in cost? (1 Point) Charge to finish goods inventory a Credited to Merchandise inventory O Debited to raw material inventory ventory Charge to expense for the period 11 Which of the following statements is incorrect regarding net realizable value? * (1 Point) The amount of write down of cost to NRV shall be recorded as expense in the period the write down occur. It is always appropriate to write down inventories on the basis of classification, such as finished goods or inventories in particular industry The cost of inventories may not be recovered if the inventory become wholly or partially obsolete O Inventories are usually written down item-by-item basisStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started