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

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General Accounting Principles Accounting standards Add to Study Deck

As per AS -2, Closing inventory is valued at

Cost or Net Realisable value whichever is more

Cost or Net Realisable value whichever is less

Cost value

Market value

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.

By: NIHARIKA WALIA

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