IAS 2 Provides That Not-For-Profit Entities

question 62

Multiple Choice

IAS 2 provides that not-for-profit entities:

• A)must value their assets at the lower of cost or net realisable value to allow reports to be compared.
• B)should only report inventories at cost for simplicity.
• C)should value their assets at either cost or current replacement cost, whichever is more beneficial.
• D)will record the inventories at the lower of cost or current replacement cost.

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Definitions:

Preemptive War Concept

A strategy or doctrine that advocates for launching a military attack before an enemy can carry out their own attack.

Realpolitik

A political philosophy focused on practical and material factors and considerations, rather than moral or ideological objectives.

World Order

The conceptual framework concerning the distribution of power and authority among the world's states and other global actors, influencing international relations and stability.

Principle of Repentance

A moral or ethical guideline that emphasizes the importance of remorse and making amends for wrongful actions.