When Determining the Net Realisable Value of Inventories, Estimates Must

question 11

Multiple Choice

When determining the net realisable value of inventories, estimates must be made of which of the following:

• A) I, II, III and IV
• B) I, II and III only
• C) II and IV only
• D) I, III and IV only

---

Definitions:

Lorenz Curve

Data plotted to show the percentage of income enjoyed by each percentage of households, ranked according to their income.

Perfect Income Equality

A theoretical economic condition where all individuals or households earn exactly the same income, leading to absolute equity in income distribution.

Incidence Of Poverty

The proportion or frequency of individuals or families whose income falls below the poverty line, making it difficult to afford basic life necessities.

Children

Young human beings who are not yet fully grown, often considered in the context of family, education, and development.