Multiple Choice Questions on As per AS 2 Closing inventory is valued at ........ for UPSC EPFO Exam Preparation

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Multiple Choice Questions

As per AS 2 Closing inventory is valued at ........

General Accounting Principles Accounting standards
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As per AS -2, Closing inventory is valued at

Cost or Net Realisable value whichever is more

Incorrect Answer

Cost or Net Realisable value whichever is less

Correct Answer

Cost  value

Incorrect Answer

Market value

Incorrect Answer
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Explanation:

Accounting Standard 2 (AS 2) deals with the accounting treatment of inventories by the business entities. It provides details with regards to the items that comprise inventory and various costs associated with such an inventory.

As per Accounting Standard -2, Closing Inventory is always valued at Cost or Net Realisable value whichever is less.

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