Under the Inventory Standard AASB 102,a New Assessment of the Net

question 25

Multiple Choice

Under the inventory standard AASB 102,a new assessment of the net realisable value of inventory items is made:

• A) in a general meeting
• B) each period
• C) weekly
• D) every two years

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Definitions:

Managers of the LLC

Individuals or entities appointed or elected to manage the operations of a Limited Liability Company in accordance with its operating agreement.

LLC

A Limited Liability Company is a business structure that combines the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation.

Members

Members typically refer to individuals or entities that belong to a group, organization, or body, holding certain rights and responsibilities within that organization.

Management and Control

The process and authority to direct an organization or entity, including making decisions regarding its operations, resources, and policies.