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      Question

      Accounting Standard-2 (AS-2) issued by the Institute of

      Chartered Accountants of India (ICAI) specifically deals with guidelines and accounting practices related to which asset class or accounting element?
      A Depreciation of Fixed Assets Correct Answer Incorrect Answer
      B Recognition of Revenue Correct Answer Incorrect Answer
      C Valuation of Inventories Correct Answer Incorrect Answer
      D Intangible Assets Correct Answer Incorrect Answer
      E Impairment of Financial Assets Correct Answer Incorrect Answer

      Solution

      AS-2 prescribes methods for valuing inventories, stating they should be recorded at the lower of cost or net realizable value.

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