AASB 102 Provides That Not-For-Profit Entities

question 1

Multiple Choice

AASB 102 provides that not-for-profit entities:

• A) Must value their assets at the lower of cost or net realisable value to allow reports to be compared.
• B) Should only report inventories at cost for simplicity.
• C) Should value their assets at either cost or current replacement cost, whichever is more beneficial.
• D) Will record the inventories at the lower of cost or current replacement cost.
• E) None of the given answers.