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What is the objective of Indian Accounting Standard 2?
What is the objective of Indian Accounting Standard 2?
- To determine the fair value of inventories
- To provide guidance for determining the cost of inventories (correct)
- To prescribe the accounting treatment for assets
- To guide the recognition of financial instruments
Which terms are defined in Indian Accounting Standard 2?
Which terms are defined in Indian Accounting Standard 2?
- Amortization, net realisable value, and cost
- Inventories, net realisable value, and cost formulas (correct)
- Net realisable value, depreciation, and fair value
- Fair value, recognition, and disclosure
To which inventories does Indian Accounting Standard 2 apply?
To which inventories does Indian Accounting Standard 2 apply?
- Inventories related to financial instruments only
- Only perishable inventories
- Inventories related to agriculture only
- All inventories except financial instruments and agriculture (correct)
What does Indian Accounting Standard 2 provide guidance on?
What does Indian Accounting Standard 2 provide guidance on?
What are the acceptable methods of determining cost as outlined in the text?
What are the acceptable methods of determining cost as outlined in the text?
According to the Standard, which of the following is not applicable to inventories?
According to the Standard, which of the following is not applicable to inventories?
What are considered as inventories according to the standard?
What are considered as inventories according to the standard?
What does the Standard specifically exclude from its measurement requirements?
What does the Standard specifically exclude from its measurement requirements?
What are examples of biological assets that are excluded from the scope of this Standard?
What are examples of biological assets that are excluded from the scope of this Standard?
What do commodity broker-traders principally acquire inventories for?
What do commodity broker-traders principally acquire inventories for?
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