Which of the Following Is Not a Definition in IAS

question 36

Multiple Choice

Which of the following is not a definition in IAS 2 on inventories?

• A)Assets in the form of materials or supplies to be consumed in the production process.
• B)Assets in the process of production for sale.
• C)Raw materials to be used in maintaining machines that prepare goods for sale.
• D)Assets held for sale in the ordinary course of business.

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Definitions:

Marketing Research

The systematic gathering, recording, and analysis of data and information about customers, competitors, and the market to improve marketing decision-making.

Discontinued Operations

Parts of a company's core business or product lines that have been sold, disposed of, or terminated, no longer continuing its previous course of operation.

Extraordinary Items

Events and transactions that are distinguished by their unusual nature and by the infrequency of their occurrence.

Cumulative Effect

The total impact of a change in accounting principle on the net income reported in prior periods, if that change had been applied retrospectively.