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

Back to Main Page

Multiple Choice Questions

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

General Accounting Principles Accounting standards
    Add to Study Deck Download Solution PDF

    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
    छोटे Courses बड़े Results
    Master Accounting standards
    Prepare through Micro-courses
    Try Now
    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.

    Let's Discuss

    Master
    Accounting standards
    With abhipedia
    Micro Courses
    Try Now
    What our students have to say
    Download Abhipedia Android App

    Access to prime resources

    Downlod from playstore
    download android app download android app for free