AASB 102 on Inventories Does Not Apply To

question 19

Multiple Choice

AASB 102 on inventories does not apply to:

• A) Trees held for sale as part of forestry operations.
• B) Work-in-progress under construction contracts.
• C) Agricultural produce of a biological asset.
• D) All of the given answers.
• E) None of the given answers.

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Definitions:

Accounting Records

Documentation and books that systematically and comprehensively record the financial transactions of an entity, allowing for financial tracking and reporting.

Unadjusted Cost

refers to the original cost of an asset or expense without any adjustments for depreciation, amortization, or impairments.

Job-Order Costing

A cost allocation system used to assign production costs to individual products or batches, useful in manufacturing environments with customized orders.

Goods Sold

Refers to the products that have been sold and delivered to customers during a specific period.