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Which accounting standard governs the treatment of inventory valuation?
Which accounting standard governs the treatment of inventory valuation?
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Practice Questions
1 question
Q1
Which accounting standard governs the treatment of inventory valuation?
IFRS 15
IAS 2
IFRS 9
IAS 10
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IAS 2 governs the treatment of inventory valuation, outlining how to measure and report inventory.
Questions & Step-by-step Solutions
1 item
Q
Q: Which accounting standard governs the treatment of inventory valuation?
Solution:
IAS 2 governs the treatment of inventory valuation, outlining how to measure and report inventory.
Steps: 4
Show Steps
Step 1: Understand that inventory valuation is how a company measures the value of its goods.
Step 2: Learn that there are accounting standards that provide guidelines for this measurement.
Step 3: Identify that IAS 2 is the specific accounting standard that deals with inventory valuation.
Step 4: Know that IAS 2 explains how to measure and report the value of inventory in financial statements.
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