AASB 138 Prohibits the Recognition of Intangible Assets Using the Revaluation

question 12

True/False

AASB 138 prohibits the recognition of intangible assets using the revaluation model.

---

Definitions:

Raw Materials Inventory

Refers to the total cost of all the materials that are used in the production of goods but have not yet been transformed into finished products.

Work-In-Process Inventory

Inventory that includes goods partially completed but not yet ready for sale; found between raw materials and finished goods stages.

Freight Costs

Expenses associated with the transportation of goods from one location to another.

Cost Of Goods Sold

The direct costs associated with producing goods that a company sells, including materials and labour, used to determine gross profit.