AASB 102 Requires That the Specific Identification Method of Assigning

question 38

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.
• E) None of the given answers.

Understand the purpose and structure of a job-application letter.

Comprehend the significance of professional appearance in online profiles.

Identify the common components of a job-application letter's body.

Know the guidelines for establishing a professional brand.

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Definitions:

Accounts Receivable

Outstanding payments due to a business from its clients for goods or services already delivered but not yet settled.

Unearned Revenues

Funds paid to a business for products or services that are to be supplied or carried out in the future.

Adjusting Entry

An accounting entry made in the books at the end of an accounting period to allocate income and expenditure to the correct period.

Accrued Revenue

Revenue that has been earned through sales or services provided but not yet received by the company.