Q1 Which of the following are accounted for under IAS 2? Select the correct options, and then click Submit. The cows of a cattle farmer The gold mineral reserves of a mining company WIP of a long-term construction contract Maturing wine in the cellars of a wine producer Clothing in the warehouse of a retailer Lumber of a wood distributor Submit Q2 Lumberjacks plc regularly rents some of its equipment to its customers. Should Lumberjacks classify this equipment as inventory? Select the correct option, and then click Submit. Yes, because the customer has the ability to use the equipment No, because the equipment is rented and not sold. Lumberjacks still owns the equipment Submit Q3 How should cash discounts that are received for the purchase of inventory be recognized? Select the correct option, and then click Submit Revenue Reduction of the cost of inventory It has no impact on the measurement of inventories