AASB 102 Requires That the Specific Identification Method of Assigning

question 62

Multiple Choice

AASB 102 requires that the specific identification method of assigning cost to items of inventory be applied:

• A) wherever possible in order to achieve the most accurate cost figure.
• B) to items of inventory that are ordinarily interchangeable or identical and have significant individual dollar value.
• C) wherever items are separately identifiable and of significant individual dollar value.
• D) to items of inventory that are not ordinarily interchangeable or are produced and segregated for specific projects.

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Definitions:

Timely

Occurring at a suitable or opportune moment, ensuring relevance and effectiveness.

Personal Feedback

The information given to individuals regarding their performance, behavior, or characteristics, intended to support their development and improvement.

Flying Blind

Making decisions or taking actions without having sufficient information or data, akin to navigating without visual references.

Plutonic Rock

An igneous rock that solidified at depth rather than on the surface; synonym: intrusive rock.