An Entity Imports Kitchen Equipment from Several Countries

question 1

Multiple Choice

An entity imports kitchen equipment from several countries.Under IAS 2 which of the following is NOT included in the cost of inventory?

• A)trade discounts on purchase
• B)import handling costs
• C)import duties
• D)after sales warranty costs

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Definitions:

Pierre Joseph Proudhon

A French philosopher and socialist known for declaring "Property is theft!" and advocating for the abolition of private property.

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The payment made for the use of land. It is often a fixed amount paid periodically by a lessee to a lessor for the rights to use the land.

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Regulations governing the maximum interest rate that can be charged on a loan.

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The evolution and diversity of ideas and philosophies regarding how economies operate and should be managed.