FINAL EXAMINATION: Inventory & PPE
Quiz by Mark Anthony Grabillo
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55 questions
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- Q1What is the standard that covers accounting for Biological Assets and Agricultural Produce?IFRS 9IAS 41IAS 2IAS 1630s
- Q2What is the standard that covers accounting for Borrowing Costs capitalizable as part of the cost of a constructed asset?IAS 16IAS 17IAS 2IAS 2330s
- Q3What is the standard that covers accounting for Property, Plant & Equipment?IAS 23IAS 16IAS 17IAS 2030s
- Q4What is the standard that covers accounting for Government Grants?IAS 2IAS 23IAS 16IAS 2030s
- Q5Property, plant, and equipment are defined as...Tangible assets held for use in the production or supply of goods or services or for administrative purposesTangible assets held for use in the production or supply of goods or services, for rental to others, or for administrative purposes and expected to be used during more than one reporting period.Tangible assets held for sale in the ordinary course of businessTangible assets held to earn rentals or for capital appreciation30s
- Q6The cost of property, plant, and equipment comprise all of the following, except...Initial estimate of the cost of dismantling the asset for which the entity has no present obligationImport duties and non-refundable purchase taxesAny cost directly attributable in bringing the asset to the location and condition for the intended usePurchase price30s
- Q7In an exchange with commercial substance...Gain or loss is recognized entirelyOnly loss should be recognizedGain or loss is not recognizedOnly gain should be recognized30s
- Q8What is the accounting standard that covers accounting for Inventories?IAS 2IFRIC 2IFRS 2SIC 230s
- Q9Which exchange has a commercial substance?Exchange of assets with no difference in future cash flowsExchange of assets that causes the entities to remain in essentially the same economic positionExchange by entities in the same line of businessExchange of assets with difference in future cash flows30s
- Q10According to IASB's Board Conclusion No. 60, which of the following are classified as "Biological Assets" under IAS 41Sugarcane rootsTea bushesStanding sugarcaneFruit trees30s
- Q11Net realizable value is used to measure which inventory?MineralsCommodities held by broker-tradersAll of these are measured at net realizable valueAgricultural inventory30s
- Q12An example of an inventory accounting policy that should be disclosed is...Classification of inventory into raw materials, work in process, and finished goodsEffect of inventory profit caused by inflationIdentification of major supplierMethod used for inventory costing30s
- Q13Which is not a basic assumption of the gross profit method?The sales reduced to cost basis when deducted from the sum of beginning inventory and net purchases would result to inventory on handGoods not sold must be on handThe beginning inventory plus net purchases equals total goods to be accounted forThe amount of purchases and the amount of sales remain relatively unchanged from the previous period30s
- Q14Which of the following would cause a decrease in the cost ratio used in the retail inventory method?Higher retail pricesHigher freight-in chargesMore employee discountsLower net mark-ups30s
- Q15Which of the following is not an alternative name for "Conservative Retail" method?Average Retail MethodConventional Retail MethodLower of Cost or Market Retail MethodLower of Average Cost and Net Realizable Value30s