Which of the Following Disclosures Are Not Required Under IFRS

question 8

Multiple Choice

Which of the following disclosures are not required under IFRS 13?

• A) the valuation techniques used to measure fair value;
• B) the inputs used to measure fair value;
• C) the level of the fair value hierarchy within which the fair value measurements are categorised;
• D) quantitative information about all unobservable inputs used in the fair value measurement.

Analyze the financial implications of production and sales volume differences on net income.

Understand the decision-making process regarding special orders and pricing strategies.

Recognize the limitations and benefits of using variable and absorption costing.

Understand the concept of overproduction in the context of absorption costing.

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Definitions:

Direct Materials

Raw materials that are directly traceable to the manufacturing of products and significantly contribute to the product's cost.

Direct Labor

Direct labor costs are the wages and related expenses paid to employees who directly work on the production of goods or services.

Product Costs

Direct costs attributable to the production of goods, including direct labor, materials, and manufacturing overhead, capitalized as inventory and then expensed as sold.

Total Period Costs

All expenses incurred by a business that are not directly tied to the production of goods or services within a specific period.