The Accounting Standards Governing Determination of the Cost of Inventories

question 45

Multiple Choice

The accounting standards governing determination of the cost of inventories are:

• A) IAS 3/AASB 3.
• B) IAS 8/AASB 8.
• C) IAS 2/AASB 102.
• D) IAS 34/AASB 134.

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Definitions:

Credibility

The quality or power of inspiring belief; the perceived reliability and trustworthiness of a source or message.

Knowledgeable

Possessing or demonstrating a broad and deep understanding or information on specific subjects or a wide range of topics.

Planning

The process of setting objectives and determining how to accomplish them.

Communication

The process of sending and receiving symbols with meanings attached.