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      Question

      As per AS-2, inventories are assets which are NOT:

      A in the form of materials or supplies to be consumed in the production process or in the rendering of services Correct Answer Incorrect Answer
      B held for sale in the ordinary course of business Correct Answer Incorrect Answer
      C in the form of machinery spares which can be used only in connection with an item of fixed asset and whose use is expected to be irregular Correct Answer Incorrect Answer
      D in the process of production for such sale Correct Answer Incorrect Answer

      Solution

      The correct answer is C

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