The Inventory Record of Palm Springs Plc Shows 1000 Surf

question 16

Multiple Choice

The inventory record of Palm Springs Plc shows 1000 surf boards on stock that cost €50 each.During the last stocktake,the accountant noted 100 old style surf boards with net realisable amount of €15.What journal entry would be required of Palm Springs to comply with IAS 2?

• A) \[\begin{array} { | c | l | l | l | }
• \hline \mathrm { Dr } & \text { Ending inventory } & 1500 & \\
• \hline \mathrm { Cr } & \text { Cost of sales } & & 1500 \\
• \hline
• \end{array}\]
• B) \[\begin{array} { | c | l | l | l | }
• \hline \mathrm { Dr } & \text { Ending inventory } & 1500 & \\
• \hline \mathrm { Cr } & \text { Asset revaluation reserve } & & 1500 \\
• \hline
• \end{array}\]
• C) \[\begin{array} { | c | l | l | l | }
• \hline \mathrm { Dr } & \text { Impairment loss } & 1500 & \\
• \hline \mathrm { Cr } & \text { Ending inventory } & & 1500 \\
• \hline
• \end{array}\]
• D) \[\begin{array} { | c | l | l | l | }
• \hline \mathrm { Dr } & \text { Impairment loss } & 1500 & \\
• \hline \mathrm { Cr } & \text { Asset revaluation reserve } & & 1500 \\
• \hline
• \end{array}\]

Recognize the importance of non-verbal cues in intercultural communication.

Develop an awareness of how social values and customs shape communication practices.

Understand the nature and implications of contracts in health care.

Recognize the advantages and responsibilities associated with the use of computer databases for medical records.

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Definitions:

Primary Motor Cortex

The zone in the cerebral cortex engaged in the design, regulation, and enactment of movements made voluntarily.

Default Network

Brain network of interacting regions of the frontal and parietal lobes that have highly correlated activity.

Cerebral Cortex

Heavily folded and layered tissue that is the outer structure of the forebrain; composed of neocortex and allocortex.

Plastic Changes

Alterations in the brain's structure or function in response to experiences or learning, reflecting the brain's adaptability or neuroplasticity.