A Book/tax Difference Resulting from Application of the Unicap Rules

question 60

True/False

A book/tax difference resulting from application of the unicap rules to manufactured inventory reverses in the year in which the inventory is sold.

Know the requirements for the measurement of inventories subsequent to their initial measurement.

Understand the definitions and applications of net realisable value in inventory valuation.

Recognize the specific disclosures required by AASB 102 concerning inventories.

Distinguish between different inventory classification for financial statement presentation.