PRC-1 · Chapter 7 · Question 58 of 100
Which of the following is NOT a required disclosure for inventories under IAS 2?
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: B) The location of each place where the entity keeps its physical inventory.
Explanation
IAS 2 mandates disclosures about policies, carrying amounts, write-downs, and inventory pledged as security, but it does not require an entity to disclose the physical geographic locations of its warehouses.
More IAS 2: Inventories MCQs
- Q60A company uses a perpetual inventory system. Which TWO journal entries are simultaneously required to record a credit sales transaction?
- Q61A company uses a periodic inventory system. Which of the following is correct for recording a credit sales transaction?
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- Q63Yousuf flour mills gave 1,600 bags of flour to a poor community as a donation. What is the correct journal entry to record this…
- Q64Which of the following costs must be EXCLUDED from the capitalized cost of inventories?