According to IAS 2,which of the Following Pieces of Information

question 18

Multiple Choice

According to IAS 2,which of the following pieces of information should be given in the notes of the financial statements?

• A) Accounting policies adopted in measuring inventories,including the cost formula used.
• B) Circumstances or events that led to the reversal of a write-down of inventories.
• C) Carrying amount of inventories pledged as security for liabilities.
• D) All of these

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Definitions:

Revoke The Authority

The act of formally withdrawing or cancelling a previously granted power or legal right, usually by the entity that granted it.

Principal May

An ambiguous term that could refer to the permissive actions or rights of a principal in legal, financial, or educational contexts; however, without more context, a specific definition cannot be provided. Likely a misinterpretation or incomplete term, hence treated as NO.

Delegation Of Authority

The process of transferring responsibility and authority from one party to another to complete specific activities or tasks.

Actual Work

The physical or mental effort expended towards the completion of tasks, often considered in contrast to planning or theoretical development.