Which of the Following Is Not a Definition in AASB

question 75

Multiple Choice

Which of the following is not a definition in AASB 102 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:

Attendance

The act of being present at a location or event, often tracked for purposes such as education, employment, or participation in activities.

Number

An entity employed in mathematics for counting, measuring, and naming purposes.

Persons

Human individuals or groups considered collectively, especially in legal or formal contexts.

Long-Run Equilibrium

A state in which all factors of production and costs are variable, allowing firms to make adjustments to achieve the optimal scale of operation, leading to zero economic profit in competitive markets.